Page 87 - Trump Never Give Up: How I Turned My Biggest Challenges into Success

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T R UM P: N E V E R G I V E U P

THE LOW POINT

Here was the moment of truth. We finally found a bank that
appeared to be interested. We went far with them, putting in end-
less hours and effort, when a key guy suddenly changed his mind
and brought up some inconsequential issue in order to kill the
deal. We came up with every conceivable argument, but the guy
was implacable. He would not budge. It was at this point that I said
to my broker, “Let’s just take this deal and shove it.” I had had it.
You’re probably surprised to even hear me say it, but it’s one
of the few times I just wanted to throw in the towel. It was my
broker and my lawyer, George Ross, who convinced me to keep
going, pointing out how much time and effort had already been
devoted to this project. I quickly resolved to stick it out and see
this through. I’m not a quitter by nature, but I’m telling you
this so you’ll know there have been times when the difficulties
seemed greater than the rewards. That was definitely the low
point, but because I hung in there, it became a turning point.
Afterward my resolution became even stronger.
I decided to approach the city, even without financing, and
explain the situation: the Hyatt hotel organization was anxious
to come to New York, but the costs were too high—unless the
city gave us a break on property taxes. I was blunt and to the
point, and it was effective. The city agreed to a deal that would
essentially make us partners, and I would receive a property tax
abatement for 40 years. It was a deal that benefited everyone. I
would buy the Commodore for $10 million, with $6 million
going to the city for back taxes. I would then sell the hotel to
the city for one dollar, and they would lease it back to me for 99
years.
Was this complicated? Yes, but it worked, and we eventually
got financing from two institutions. One of them was directly

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