Trump Organization to Ditch Struggling SoHo Hotel in New York
The Trump Organization announced Wednesday that it will be cutting ties with its Trump SoHo Hotel in New York City, The New York Times reported. The Trumps did not own the property but managed the building’s daily operations. Under the exit deal the company is severing its contract with CIM Group, the California-based investment firm that owns the hotel. CIM will reportedly buyout the Trump stake in the property, allowing the company to rebrand the hotel or eventually sell it. The SoHo Hotel has encountered problems since it was built and has struggled to fill its five-star-priced hotel rooms and condominiums. It main restaurant closed in April due to a decline in business since the election, according to a lawyer for the restaurant.