Thursday, 18 October, 2018


The Trump Organization Is Bailing on Its Struggling SoHo Hotel

Not Released The Trump Organization Is Bailing on Its Struggling SoHo Hotel
Bennie Garza | 24 November, 2017, 19:29

Although framed as the Trump Organization walking away, CIM is actually paying the company to leave with years left on its contract.

Announced on Donald Trump's TV show "The Apprentice" in 2006, the hotel ran into delays during the recession and wasn't completed until 2010.

While the average daily rate of a hotel in Manhattan in the second quarter of this year stood at $451, the Trump SoHo hotel has been forced to offer prices online below $300 per night.

CIM Group took control of the hotel in 2014 after previous developers Sapir Organization and Bayrock Group defaulted on the property's loans. According to the Times, one harbinger of the collaboration coming to an end came in April, when the hotel's Japanese restaurant Koi shut down as business struggled.

NYC PAPERS OUT. Social media use restricted to low res file max 184 x 128 pixels and 72 dpi

Also, as The Washington Post reported earlier this week, a significant part of the Trump SoHo's decline was due to the refusal of professional sports teams to continue patronizing the property. "I don't know if they can hear me, perhaps not, but I hope they can".

The Trump Organization, which manages the building, can leave by the end of next month.

There has been no word on what the name of the building will be changed to, or who would own it next. Under the exit terms, Trump still gets a cut of the hotel's revenue.

Less than a decade after it opened on the site of a forgotten graveyard, the Trump SoHo will soon lose the President's name. Thus far, Trump himself has not weighed in on the news, either in a formal capacity, or through his oft-inflammatory Twitter feed.

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