February 27, 2019
CIM Group is considering a sale of the former Trump SoHo hotel, now known as the Dominick, Bloomberg News reported. The Los Angeles-based real estate investor and developer acquired the property in a 2014 foreclosure auction.
Citing people said to be familiar with the matter, Bloomberg reported that CIM is working with an adviser, which has contacted potential buyers for the 46-story hotel.
In 2017, CIM bought the management and license agreement from the Trump family business, and changed the property’s name. The acquisition reportedly entailed a breakup fee of at least $6 million.
Bloomberg reported that prior to the name change, the involvement of future President Donald Trump in the project became a liability as high-profile guests, including LeBron James, boycotted the hotel. Its restaurant closed, due partly to a decline in traffic. It has since been leased to another operator.
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