Kushner Companies and the Trump Organization have decided to forgo an oceanfront hotel business arrangement based in New Jersey amid increased scrutiny of the deal, according to a report by The New York Times on Thursday.
President Donald Trump and his senior adviser Jared Kushner’s joint real estate venture would have given the Trump empire managerial authority of the Pier Village Hotel, which Kushner’s company is building on the Jersey Shore. The two entities also terminated a separate deal where Trump controlled the Westminster Hotel in Livingston, New Jersey, an agreement that brought in $20,000 in fees for the Trump Organization in 2017, according to the president’s financial disclosure from May.
Trump’s company had signed a letter of intent to manage the Pier Village Hotel in March, but backed out of the deal after increased scrutiny from ethics watchdogs, according to The New York Times.
Kushner, who is also Trump’s son-in-law, was the CEO of his family’s company but resigned in January 2017. Despite this, he still owns part of Kushner Companies, according to financial disclosures by the company. (RELATED: Report: Jared Kushner Didn’t Disclose Business Dealings With George Soros)
Adam Schneider — former mayor of Long Branch, where the upcoming Kushner hotel is being built — was also voted out of office in May as a consequence of the development. Schneider was a Democratic mayor of the city for nearly 30 years, but detractors from his campaign for re-election pointed out that he and the city council had approved a $20-million redevelopment loan to the Kushner project. He was unseated in a landslide in the 2018 elections.
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