The Trump Organization is walking away from its struggling hotel in Manhattan's SoHo neighborhood, The New York Times reports. It is the second hotel the organization has removed its name from this year, after a similar situation developed in Toronto.
The SoHo building, which also has condominiums, closed its main restaurant earlier this year due to a decline in business "since the election," in the words of one of its lawyers. The owner of the building, the CIM Group, reportedly reached a deal to buy out the Trump Organization from the property; the Trump company manages daily operations at the building. "The Board and CIM have been first class in every regard," said the CEO of Trump Hotels, Eric Danziger, in a statement. "We have truly enjoyed our relationship and look forward to exploring new opportunities in the future."
On Monday, The Telegraph reported that the average price for a weekend at a Trump hotel dropped by 36 percent in the last year.