The Trump SoHo hotel, the New York property that’s the center of a scandal where Ivanka Trump avoided prosecution for false marketing claims, will lose the Trump name at the end of the month with the Trump Organization walking away from the project.
Under the exit deal, the Trump Organization will sever its contract with the building’s owner, an investment firm in California that focuses primarily on real estate. 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.
This comes months after the Trump name was taken down from its Toronto property, and the group has made moves into midscale lodging instead.
Apparently Trump is being paid to walk away from the Trump SoHo. Trump’s Washington DC hotel is faring better, reportedly earning $2 million in the first quarter of 2017, while plans for expansion stalled in Dallas when it was revealed a financing partner was linked to Russia and Kazakhstan.
(HT: Jonathan W.)
Second property this year that will ditch Trump … First Toronto now New York.
If the Trump organization is being paid to walk away then you have the wrong headline. That is a win getting paid for not doing work!
Shouldn’t the headline read:
Trump dumps Soho Hotel And Gets Pay Out ?
This is one of the properties Mueller is focusing on. Google “Felix Sater” and you’ll know why.
Trump Hotels’s management contract to operate the hotel is being terminated for poor financial performance. Trump Hotels has paid millions of dollars to the owner over the past few years to keep the management contract in place by curing its performance defaults to cover the hotel’s operating losses. It is a trophy property for them, but an unsustainable financial proposition when there is no daylight for their management fees to offset the losses they are choosing to cover. Rooms revenue (and, just as importantly, banquet / events business) has absolutely tanked over the past 24 months. This is unquestionably due to the brand’s namesake’s reputation and customers’ aversion to supporting businesses with his name associated. This will very likely be one of many terminations.
“After college, it was that back pain, along with his extensive history of other medical problems, that kept Kennedy from his next dream: serving his country in World War II. First the Army and then the Navy turned him down. But Kennedy didn’t give up, and with the help of his father’s political contacts, he was accepted into the Navy in 1941.
“He made it through the Navy Officer Candidate School in 1941 and then failed his physical again,” Pait said. “And then the PT, or Patrol Torpedo, boat experiment began. Again, determined to do more than sit at a desk, Jack pulled more strings. He got into the PT boat training program despite all of his medical problems and his back pain.”
This puts the scumbag trump and his army of racist scumbag followers in perspective.
Should read “Racist, Facist Trump thrown out of SOHO.” Just waiting for members of his racist cult to take offense
very racist to want legal immigrants, and not illegal ones.
upholding consitutional law. what a crime. how racist.
even the legal immigrants here endorse that.
they did it the legal way.
what makes the US a wonderful country, in part, it is a nation that follows the rule of law, unlike many other countries.
@Allen
You know racism so well, hopefully you will leave America with the Democrats. The KKK was the militant wing of the Dems and still are. Today, the NAACP, Black Lives (don’t) Matter, AntiFa….all racist, Democrat faggots such as yourself..
Make America Great Again, 100% Pro-Trump!
and a thankyou to you Gary, at this time of Thanksgiving.
your blog keeps me tapped into a wide variety of travel, credit card, and other info i find most interesting.
hope you have an enjoyable one with your loved ones.
Cheers,
and that was constitutional……:-)
Another failed Trump property tied to Russian criminals. I am sure money laundering charges against the Trumps and their organization will be coming soon.
Trump SoHo was the first solo project by Don Jr & Ivanka. Interesting factoid, it’s not even in SoHo, ha-ha-ha.
The business they lost was sports teams, this hotel used to book a lot of teams and after the election the sports teams elected not to stay there any more.
It sounds like Trumps had agreed to a guarantee minimum return for the investor and they couldn’t make that guarantee return so they dropped out and walked away.
Ivanka & Don Jr started the project assuming they would get zoning for condos but they never got the zoning so they ended up having it be basically a time share. The rooms are rented out as hotel rooms and individual owners who bought have access as a time share. And it’s not even in SoHo.
Freedom of Information Act requests have been filed on the State Dept as State Dept staff allegedly have been telling visitors to Washington with business at the State Dept to book at Trump Hotel Washington. I don’t know if it is true or not bust one way or the other the truth will come out as there is a FOIA filed. I’ll never forget reporters who covered the grand opening of Trump Washington DC, they lifted the bedcovers and here the Trumps had imported all the mattresses from China. They posted a pic, I saw it. C’mon we STILL make mattresses in this country, no need to import mattresses from China. These ppl are such cons it’s pathetic. I don’t think it will be to long until we have another #MuellerMonday, but I doubt it will be before Christmas.