The Trump Organization is ending its association with the Trump SoHo hotel, once one of the prize properties of Donald Trump’s real estate empire.
The company, now run by Trump’s two grown sons, Donald Jr and Eric, will end its management and licensing agreement with the Trump SoHo by the end of the year.
The news, first reported by the New York Times, marks the end of the Trump family’s relationship with a property that has attracted scrutiny. The hotel and condominium project was the subject of a fraud investigation by the Manhattan district attorney and was built in a partnership with two controversial businessmen from the former Soviet Union.
In a statement, the Trump Organization 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” and said the “transition is anticipated to take place by year-end”.
The Trump Organization did not own the property, instead managing it under a licensing deal.
The Trump SoHo, located in lower Manhattan near the entrance to the Holland Tunnel, faced a number of challenges. A mix of hotel rooms and condominiums, it struggled to attract business even before Trump became a political figure.
Many other Trump properties have flourished since the presidential election. Most notably, the newly opened Trump International hotel in Washington has become a major watering hole for prominent Republicans, making a nearly $2m profit in the first quarter of 2017. Other properties, particularly those in more conservative areas, have thrived as well.
Trump has been a frequent patron of his own holdings. The president has spent a significant amount of time at Mar-a-Lago, his private club in Palm Beach, Florida, as well as at the Trump National Golf Club in Bedminster, New Jersey.
While in Florida, he has frequented two of his golf courses there. While staying in Washington, he regularly visits his northern Virginia golf club.
