Trump Soho New York Hotel to be Reflagged by End of Year

By Anna Breuer on 22 November 2017
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Gold Trump chocolate bars are a staple at Trump Hotels.

Gold Trump chocolate bars are a staple at Trump Hotels.

The Trump Soho New York hotel in lower Manhattan will soon be undergoing a name change. The Trump Organization announced that its management and licensing agreement was bought out by real estate management firm CIM Group, the hotel’s owner.

CIM Group said that it will discontinue use of the Trump name by the end of the year. Since the November 2016 election, the hotel has struggled to attract guests and has had to lower room prices multiple times to keep occupancy rates up. Sales of condominium units at the property have reportedly fallen short of expectations.

When the hotel’s main restaurant was shuttered in April of this year, that move was attributed to a similar decline in business.

CIM, which acquired the property three years ago out of foreclosure, said it had recently met with officials from the Trump Organization on ways to upgrade the hotel.

“Under the seasoned management of the Trump Organization, the hotel has been established as one of the finest in New York City with recognition among top critics,” said Bill Doak, a CIM executive, in a statement on Wednesday. “We recognize and sincerely appreciate their contributions to this exceptional asset and the strong working relationship we have with the Trump Organization.”

In June, the company that owns the Trump International Hotel & Towers in downtown Toronto decided to break with the Trump Organization and that property is being reflagged as a St. Regis. One year ago, The Trump Place apartment complex in Manhattan discontinued the use of the Trump name as well.

After the reflagging, the Trump Hotels portfolio will include 12 properties in cities that include Chicago, New York, Panama, Vancouver, Waikiki, and Washington, D.C.

(Photo: Accura Media Group)

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