Jared Kushner's private equity firm has officially withdrawn from a contentious plan to build a Trump-branded luxury hotel in Belgrade, Serbia. The decision by Affinity Partners concludes months of intense public debate and legal turmoil, which recently saw a Serbian government minister and three others indicted in connection with the project.
Project Collapses Following Criminal Charges
The ambitious development, known as Trump Tower Belgrade, was slated for a site of deep historical and emotional significance: the ruins of the former Yugoslav Ministry of Defense. This building was destroyed during NATO bombings in 1999, a campaign that forced Serb forces out of Kosovo. The ruins had remained largely untouched in the Serbian capital for over two decades.
The project's demise accelerated after Serbia's Minister of Culture, Nikola Selakovic, and three other individuals were indicted on Monday, December 15, 2025. The public prosecutor's office stated the indictments were related to actions that helped clear the path for the hotel's development. In response, Affinity Partners announced it was stepping away.
"Our vision for the Belgrade project was to offer an elegant, uplifting design that honored Serbia’s progress," a spokesperson for Affinity said. "Because meaningful projects should unite rather than divide, and out of respect for the people of Serbia and the City of Belgrade, we are withdrawing our application and stepping aside at this time."
Months of Public Outcry and Political Strain
The proposed $500 million (approximately 750 million euro) hotel had sparked sustained and vocal opposition from citizens, particularly students and residents of Belgrade. Protesters took to the streets, carrying banners with messages like "We won't give up," arguing against the demolition of the historic ruins for a luxury development.
The controversy placed significant strain on Serbian President Aleksandar Vucic, a key backer of the project. Vucic is already grappling with over a year of mass protests related to corruption allegations. In a press conference on Tuesday, December 16, 2025, he lamented the loss of what he called an "exceptional investment," valuing it at least 750 million euros ($882 million USD).
Vucic denounced the indictments as politically motivated, accusing prosecutors of siding with opposition activists. "The damage inflicted to Serbia is enormous," he stated, pledging judicial reforms to regain control over a prosecutor's office he claims now "answers only to itself."
Kushner's Expanding Role Amid High-Profile Deals
The collapse of the Belgrade venture occurs as Jared Kushner, the son-in-law of U.S. President Donald Trump, is increasingly involved in major diplomatic and business endeavors. Although he declined to rejoin the Trump administration officially, Kushner has participated in peace negotiations concerning the wars in Gaza and Ukraine alongside diplomatic envoy Steve Witkoff.
Concurrently, his firm, Affinity Partners, has been active in blockbuster private sector deals. These include backing Paramount Skydance Corp.'s $108 billion hostile bid for Warner Bros. and participating in the $55 billion buyout of video game giant Electronic Arts.
The withdrawal from Serbia marks a significant retreat from a project that became a lightning rod for broader political and cultural tensions in the Balkan nation, demonstrating how global business ambitions can collide with local heritage and public sentiment.
