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Trump Org Pulls Plug On $250M Black Sea Resort Project


The Trump Organization has pulled the plug on a planned $250M Trump Tower development in Batumi, a Georgian resort town on the Black Sea.

The move marks President-elect Donald Trump’s latest effort to prove his global businesses won’t cause massive conflicts of interest once his presidency begins, Bloomberg reports. The 47-story residential tower project was announced in 2012 and was to be built by a partnership between The Trump Organization and Silk Road Group, a Georgian private investment firm.

For similar reasons, last month The Trump Organization said it was ending development projects in Azerbaijan and Brazil as it continues "housecleaning" measures ahead of Trump's Jan. 20  inauguration ceremony, EVP Alan Garten said. [Bloomberg]