Damaged brand: New Trump hotels will no longer bear his name

With reports that Trump hotels are seeing occupancy rates plummet faster than the GOP presidential nominee is falling in the polls, the CEO for Trump Hotels announced future travelers won't be seeing the old name on any new developments.

According to Travel + Leisure, new Trump luxury hotels will now bear the "Scion" name.

According to CEO Eric Danzinger,  the new name reflects the family without using the brand name Trump has spent a lifetime building.

“We wanted a name that would be a nod to the Trump family and to the tremendous success it has had with its businesses, including Trump Hotels, while allowing for a clear distinction between our luxury and lifestyle brands,” Danziger said in a press release.

According to Executive Vice President of Development & Acquisitions, Ivanka Trump, "Our business at Trump Hotels is stronger than ever and we are incredibly excited about the future of Scion, the newest brand in our hotel portfolio."

Following the "soft opening" of the Trump International Hotel in Washington, D.C, NBC reported that rates at the hotel were immediately discounted while other more established hotels were holding firm and booked solid.

"Deluxe" rooms at Trump International Hotel, normally priced at $575 a night,  were being offered for $505  --  with a discount to $404 for AAA members.

According to a check of Expedia, similar rooms at the St. Regis Washington, D.C. were going for $655, with the Hay-Adams completely full.