>> Worse case scenario: Sell a hotel <<
Easier said than done. If you’ve ever tried to sell a parcel of commercial real estate on short notice, you will know that a “liquidation” price or “fire-sale” price will often be half or even less than half of a “fair-market value” price.
Also, because Mr. Trump has never released an AUDITED financial statement, there’s no way for somebody on the outside to know which hotels (if any) he owns outright, versus the hotels he could sell only with permission from other partial owners and/or from lenders.
Last but not least, the sale of any hotel that Mr. Trump owns outright could subject him to huge depreciation-recapture taxes and/or capital gains taxes. Such taxes could, in some circumstances, eat up almost half of the sales proceeds.
In short, the whole matter might be immensely complicated — maybe even “worse” than your “worse case” scenario!
Trump can make a phone call and get all the cash he needs.