Trump Organization Will Walk Away From Its Struggling SoHo Hotel in New York

[HAB911]

The announcement came on his television show, “The Apprentice.” Donald J. Trump would open his second luxury hotel in New York, a “work of art” in the SoHo neighborhood of Manhattan that would become “an awe-inspiring masterpiece.”

That was 11 years ago. The 46-story skyscraper, it turned out, was actually an albatross for Mr. Trump — drawing local opposition soon after its unveiling, partisan protests when he became a candidate for president and political scrutiny because of its early ties to a dubious Russian deal maker.

Now, in the latest sign of strain in the president’s family business, the Trumps want no more.

The Trump Organization has reached a deal that will allow the company to walk away from the property by the end of next month, the company said Wednesday. It is the second time this year the Trump name was erased from a hotel development, after a June announcement in Toronto.

https://www.nytimes.com/2017/11/22/business/trump-organization-soho-hotel.html?emc=edit_na_20171122&nl=breaking-news&nlid=50533710&ref=headline

[BigmanPigman]

1. I hope this has a domino effect

on his other properties around the world.

[HAB911]

2. I read somewhere that Mar-A-Dumpo is also in trouble

[dalton99a]

3. Loser! SAD.

[onenote]

4. Before he was ever a candidate for president I stayed at that hotel -- it was a mess

The rooms were among the most luxurious I'd ever seen. But the hotel itself was very poorly run. The elevators were in a constant state of disrepair (and there weren't enough of them to begin with). You could easily end up waiting 15-20 minutes for an elevator (and walking down 20 or thirty flights of stairs wasn't a very appealing alternative).

[Princess Turandot]

5. SoHo was a branded property, not a building ever owned by Trump...

News outlets always refer to those buildings in their headlines in a way that implies he owns them, even if they clarify the facts in the article. (i.e. it's struggling SoHo hotel.) What the headline should read is 'Trump SoHo Hotel owners willing to pay a penalty to remove Donald Trump's name from their building'.

I hope, of course, that Trump lost money in the buyout of the name-branding compared to what they would have received under what remained of the ongoing licensing arrangement, even with the decline in hotel revenues.

[Fred Sanders]

6. You are right. Once again a misleading title. The bigger story is the NBA boycott of Trump

branded properties. Did the player's association demand that or an owners decision? That would be headline stuff.

[onethatcares]

8. all he has is

"branding rights". and if those rights lead to bancruptcies and failures they should be hung on him and him alone. He'd be eating cheese and crapping all over us if they were working.

[anneboleyn]

7. Whos tired of all the winning?!! So much winning!