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The Trump Soho Hotel Is Ditching Trump
Those of us who need a trigger warning before approaching Spring Street can rest easier: The owner of the Trump Soho hotel, CIM Group, is buying out the Trump Organization so it can rebrand the Trump Soho hotel. From the New York Times: “The Trump Organization has reached a deal that will allow the company to walk away from the property by the end of next month, the company said Wednesday. It is the second time this year the Trump name was erased from a hotel development, after a June announcement in Toronto. […] As with many of their properties, the Trumps do not own the Soho hotel, but instead manage the day-to-day operations. The Trump Organization is entitled to a cut of the hotel’s revenue, although the contract also requires the Trumps to pay the owner, CIM Group, if the property fails to meet certain financial performance standards.” The Times goes on to recap all of the headaches the hotel has caused.
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So I guess they told Trump…You’re fired!
Soon enough, it’ll be our turn.
Given the continued polarization of everything i believe if the election were held again, he would actually win by more. The coastal bias is growing
But as with many things Trump, the outsized edifice will remain far into the future.
I work at 200 Varick St and walk home past Trump SoHo a lot. Extra police and barriers were always on site around the hotel every time Trump was in town, /did or said something controversial (almost always) or whenever there was an incident somewhere else. The hotel was imposed on the neighborhood against its will, but now at least it wont be a financial drain on our NYPD resources.
That hotel was on the brink of failure and son Eric and Co knew that…only 30% of condo units sold, occupancy rates way down, nightclub in the hotel closed long ago, etc. That coupled with the fact that Trump only pocketed $3M/year on the property.
My guess is that between some of the criminal connections on the part of the CIM organization and potential Russia connections it was time to shut it down.
it’s just a terrible location period. the traffic and the noise from the holland tunnel is 24×7. i was astonished when they built that thing.