NEW YORK
Trump International Hotels Management and the Board of the Trump SoHo Condominium New York announced the buyout of the remaining term of the management and license agreement of the Trump SoHo Hotel located at 246 Spring Street in Manhattan. The transition is anticipated to take place by the end of this year.
“The hotel has achieved high ratings and earned many accolades including the prestigious AAA Five Diamond award for five consecutive years under the management of the Trump Organization and the impressive efforts of the hotel’s employees,” said Gil Keinan, vice president of the Trump SoHo Condominium board.
Despite the seemingly amicable split, Business Insider noted that “the upscale hotel has struggled to fill rooms and bring in guests following the election.” A restaurant in the hotel closed earlier this year. Following the buyout, the SoHo Hotel will no longer carry the Trump name or be affiliated with the family.
“The Board and CIM have been first class in every regard,” said Eric Danziger, CEO of Trump Hotels. “We have truly enjoyed our relationship and look forward to exploring new opportunities in the future.
“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,” he added.
More information is available from The New York Times, which broke the news on Nov. 22.
