Trump Organization ending ties with Trump SoHo Hotel
The Trump SoHo will dump the Trump moniker after the Trump Organization announced it will end its association with the troubled Manhattan property.
Trump Organization reached a deal with the property’s majority owner, CIM Group, to offload the management and licence contract.
The Trump name will disappear from the 46-floor property at the end of the year.
"We recognize and sincerely appreciate their contributions to this exceptional asset and the strong working relationship we have with the Trump Organization," CIM Group vice president of hotels Bill Doak said in a statement.
CIM Group didn’t disclose which hotel brand would take it over.
The hotel has struggled in recent times with falling room rates and its condo residences have seen few takers.
Several major league sports teams boycotted the hotel after Donald Trump became President, and a pending lawsuit claims the development was backed by a Russian investor accused of money-laundering.
"The board and CIM have been first class in every regard. We have truly enjoyed our relationship and look forward to exploring new opportunities in the future," said Trump Hotels CEO Eric Danziger in a statement.
"Over the past several years, Trump Hotels has expanded into a multi-dimensional hotel group, and we look forward to continuing that expansion into new domestic markets."
It is the second major hotel to ditch the Trump brand name after Trump International Hotel & Tower in Toronto rebranded to a St. Regis.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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