Published on November 25th, 2017 | by Daniela (Lala) Evgenivna0
Trump Organization to Halt Involvement With Soho Hotel
Since it’s opening in 2010, the hotel has seen several lawsuits and other controversies. Trump’s two eldest children were once accused of intentionally misleading prospective buyers regarding condominium sales in the building. Additionally, in a lawsuit by a former company finance director, one of the property’s developers, Bayrock, has been under fire for being a money-laundering operation.
Manhattan, a heavily-Democratic city, has somewhat shunned the property since Trump’s infamous, polarizing 2016 presidential campaign. The hotel restaurant closed, the meeting rooms and banquet halls saw far fewer bookings, and professional athletes (among these, Lebron James), once regular patrons, adamantly found elsewhere to stay.
The Trump organization has announced they are retiring management of the property and removing the Trump name from the Lower Manhattan hotel by the end of the year. While the Trump Organization does not currently own the hotel, they have been managing it and paying for the “Trump” name licensing. The severing transaction has been labeled a “buyout” – the CIM group, a California-based real estate investment company, intends to purchase the remainder of the Trump Organization’s contract to manage the hotel.