Trump Organization Strips Away Name Brand From Trump SoHo Hotel

Trump Soho Hotel entrance

The Trump SoHo Hotel will lose its name brand.

The Trump Organization has agreed to a buyout deal which would sever their ties to the Trump SoHo, a luxury condominium-hotel in Lower Manhattan, New York.

The skyscraper has proven to be more of a nuisance than a smart investment to Trump as of late. On paper, the Trump SoHo is a hybrid hotel-condominium building, where property owners could live there for a certain amount of time each year. However, it’s also been a breeding ground for rumors regarding Trump’s various illegal business activities. Most recently, this is where several alleged meetings between now-president Trump and Russian diplomats have occurred.

Trump is walking away from his business venture just as special counsel, Robert Mueller, is ramping up his investigation into a possible collusion between Russia and Trump’s campaign during the 2016 presidential run.

The project was also in legal trouble in the past with some early buyers suing the Trump SoHo. They claimed to have been misled about many of the units sold. Trump would later settle the suit and returned most of their down-payments.

The organization has a continuing contract with the building owner, CIM Group, a California-based investment firm. The two entities have reached a deal in which the CIM will pay the Trumps an undisclosed sum of money in exchange for discontinuing their contract, and thus, allowing the investment firm to rebrand the property.

The Trump SoHo isn’t owned by the Trumps, but the Trump Organization managed the building and has been paying to license the Trump name. Donald Trump first announced the project in 2006 on his TV show, The Apprentice. The SoHo property opened in 2010. Trump’s children, Donald Jr., Ivanka and Eric led its development.

Eric Trump and Donald Trump Jr. are currently running the Trump Organization via a blind trust.

Image Source: WikipediaCommons

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