There has been an uber-shake-up at Trump Soho, the famous hotel-condo that opened in 2007 as the Trump Group and owner CIM Group have parted ways. The 46-story, 391-unit property was first developed by a partnership between Bayrock Group and Sapir Organization, who entered into a licensing deal with The Trump Group to brand and manage the property. In 2014, CIM Group took control of the property and they have now brought out the Trump Organization, effectively ending the licensing agreement and dropping the Trump brand from the property. The Trump Organization will cease operations by the end of the month (November 2017). As there were still many years left on the licensing agreement, the Trump Organization will reportedly still be entitled to a cut of the properties' revenue. CIM Group is expected to rebrand the property and buy-back several condo units to expand the hotel before they sell the property. Much like Donald Trump's presidency, the hotel-condo tower has been the basis for several accusations and lawsuits that critics believed to be sales fraud and ties to Russian financiers; similarly, none of the investigations ever yielded anything illegal or fraudulent by the Trump Organization and were later dropped. Sales of Manhattan hotels have been hot in 2017 with The Standard High Line reportedly gearing up for sale and Gansevoort Park Avenue NYC selling for $200 million in October (2017).
