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Trump Organization will part ways with its struggling Soho hotel-condo

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The struggling hotel will part ways with the Trump brand

NEW YORK, NY - FEBRUARY 21: A view of the Trump SoHo hotel condominium building, February 21, 2017 in New York City. The development of Trump SoHo, completed in 2010, was constructed in partnership with the Bayrock Group, headed by former Soviet official Tevfik Arif. Felix Sater, a Russian-American businessman, also worked for Bayrock Group during the development of Trump SoHo. Despite repeated claims that he is not involved in any business deals with Russia, President Trump's ties to the country continue to be scrutinized. (Photo by Drew Angerer/Getty Images) Drew Angerer/Getty Images.

The Trump Organization has announced that it will part ways with Trump Soho, the hotel-condo hybrid that opened near the Holland Tunnel a decade ago. The 46-story building has been struggling to attract guests; as a result, the organization has reached an agreement with the building’s owners, CIM Group, for an exit deal by the end of the year, reports the New York Times.

The building has struggled since its debut in 2007, both in selling its condo units and bringing in hotel guests willing to pay its high rates since its debut in 2007. In April, the hotel’s main restaurant shut down, with a lawyer citing declining business since the election as one of the primary reasons. The hotel has also come under scrutiny lately due to its early ties to Russian financiers, as well as for the allegedly misleading practices that Trump’s children, Ivanka and Donald Jr., used to lure prospective buyers.

It has not been disclosed what the buyout amount will be as a result of the negotiations; however, CIM Group will have to pay Trump Organization for the years remaining on the contract. CIM will likely go on to rebrand the property.

Trump Soho

246 Spring Street, New York, NY 10013