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riversedge

(70,242 posts)
Wed Nov 22, 2017, 04:11 PM Nov 2017

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

Source: nytimes



Nov. 22, 2017

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.

Located in an upscale neighborhood in a deeply Democratic city, the SoHo hotel has struggled to attract guests at five-star prices and has dropped its rates to keep rooms occupied. The property also includes condominiums that have been slow to sell. And when the building’s main restaurant decided to close in April, a lawyer for the restaurant attributed it to a decline in business “since the election.”

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Read more: https://www.nytimes.com/2017/11/22/business/trump-organization-soho-hotel.html?smid=tw-share














Pro sports teams were once reliable patrons of Trump’s hotels. Not anymore.

2:37
Professional sports teams spurn Trump hotels

The Washington Post's David A. Fahrenthold explains the trend of major pro sports teams leaving Trump hotels. (Bastien Inzaurralde/The Washington Post)
By Tim Bontemps and David A. Fahrenthold October 12

Until recently, the Trump SoHo hotel served as a kind of luxe clubhouse for NBA teams visiting New York.

At least 12 teams — more than a third of the league — had stayed there since it opened in 2010. The players loved it so much they became walking ads for the Trump brand: Superstar Russell Westbrook of the Oklahoma City Thunder praised the hotel in the press. Toronto Raptors all-star Kyle Lowry gave interviews on the lobby’s couch. Then-Thunder forward Steve Novak tweeted about the $20 room-service lattes.

Now, it’s not the same.

All but one of the 12 teams said they have stopped patronizing the Trump SoHo since Donald Trump launched his presidential bid in 2015,
according to team officials. Among the latest to depart were the Raptors, ­Phoenix Suns, Houston Rockets, Sacramento Kings and Washington Wizards, who all dropped Trump SoHo this summer and made different arrangements for the upcoming season.

Another NBA team quit staying at Trump’s hotel in downtown Chicago. And at least three National Hockey League teams and one Major League Baseball club have stopped frequenting Trump hotels in the same time, according to interviews with team officials...........................................











21 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Trump Organization Will Walk Away From Its Struggling SoHo Hotel in New York (Original Post) riversedge Nov 2017 OP
It will probably be sold. sandensea Nov 2017 #1
I'd still avoid the place like the plague TeamPooka Nov 2017 #2
Wise. volstork Nov 2017 #11
Break the brand... yallerdawg Nov 2017 #3
The Trump name is now poison. lagomorph777 Nov 2017 #4
His Republican "friends".... SergeStorms Nov 2017 #15
Hey Donny, see what happens when you piss off your customers? louis-t Nov 2017 #5
Most likely there will be a Wellstone ruled Nov 2017 #6
Hooray, so happy these teams/others are not staying at his hotels. He showed his true racist iluvtennis Nov 2017 #7
It was great seeing the Trump name come down here in Toronto Saviolo Nov 2017 #8
"as part of their fathers presidential ethics pledge." - That's a laugh. keithbvadu2 Nov 2017 #9
I hope the Trump brand depreciates so badly, muntrv Nov 2017 #10
I'm sure Trump will NCjack Nov 2017 #12
In all likelihood...... SergeStorms Nov 2017 #17
I forgot his Russian sponsors -- you are right !!! NCjack Nov 2017 #19
Good I hope his looses everything he has. nt njhoneybadger Nov 2017 #13
Hating has really worked out for IQ45 truthisfreedom Nov 2017 #14
This is something that I always think about Perseus Nov 2017 #16
Mueller is looking into SoHo condominium development iluvtennis Nov 2017 #18
I think that's the one that Ivanka committed fraud TexasBushwhacker Nov 2017 #20
Just to drive home the point that there's two different sets of rules; one for the rich, one for us. politicaljunkie41910 Nov 2017 #21

yallerdawg

(16,104 posts)
3. Break the brand...
Wed Nov 22, 2017, 04:22 PM
Nov 2017

and we'll break the man!

Walk away, Dotard - while you have something to salvage, probably somewhere in Eastern Europe/Western Asia!

lagomorph777

(30,613 posts)
4. The Trump name is now poison.
Wed Nov 22, 2017, 04:29 PM
Nov 2017

Soon, like the erased faces of Pharoahs in ancient Egypt, his stain will be thoroughly erased from every possible record.

SergeStorms

(19,201 posts)
15. His Republican "friends"....
Wed Nov 22, 2017, 07:01 PM
Nov 2017

are trying very hard to keep Mar-ma-lado in business in Miami. Many organizations have cancelled after Trump's deadly and deranged antics in the Oval Office. They've been booking parties.......for now. Once they find out Trump is not giving discounts - even to his closest "supporters" - they too will find other venues for their soirees. His places are all vastly over-priced, and they all look like a cheap hooker's idea of "class".

Once Mar-ma-lado goes, that's it for Mr. Mogul. That's his...ahem...."crown jewel".

louis-t

(23,295 posts)
5. Hey Donny, see what happens when you piss off your customers?
Wed Nov 22, 2017, 04:35 PM
Nov 2017

Asshole.

Worst . businessman . in . the . world.

 

Wellstone ruled

(34,661 posts)
6. Most likely there will be a
Wed Nov 22, 2017, 04:50 PM
Nov 2017

offer of this Property at a fire sale price. If no takers,Bankrupt the sucker,that is the Trump way of Busines.

iluvtennis

(19,863 posts)
7. Hooray, so happy these teams/others are not staying at his hotels. He showed his true racist
Wed Nov 22, 2017, 05:07 PM
Nov 2017

colors, his hatred of immigrants, LGBTQ, the disabled, Muslims, etc. he earned this.

Saviolo

(3,282 posts)
8. It was great seeing the Trump name come down here in Toronto
Wed Nov 22, 2017, 05:10 PM
Nov 2017

The hotel is just a couple blocks from where I work (gaudy-as-hell building, too, of course), and I only wish that they had set up a live webcam to view the name coming down. The office I'm in doesn't face the right way, so I couldn't see it, I would have loved to watch it in a corner of the screen.

keithbvadu2

(36,829 posts)
9. "as part of their fathers presidential ethics pledge." - That's a laugh.
Wed Nov 22, 2017, 05:15 PM
Nov 2017

"as part of their father’s presidential ethics pledge." - That's a laugh.

Trump started his Presidency by lying before God with his hand on the Bible.

"I do solemnly swear (or affirm) that I will faithfully execute the office of President of the United States, and will to the best of my ability, preserve, protect, and defend the Constitution of the United States."

Emoluments

muntrv

(14,505 posts)
10. I hope the Trump brand depreciates so badly,
Wed Nov 22, 2017, 05:30 PM
Nov 2017

that the City of New York turns Trump Tower into Section 8 housing.

SergeStorms

(19,201 posts)
17. In all likelihood......
Wed Nov 22, 2017, 07:11 PM
Nov 2017

it will be sold to some Russian "entrepreneur" for twice it's assessed valuation. Like the "mansion" in Miami that Trump bought - get this - at a chapter 7 bankruptcy auction for $41 million, then sold 4 years later to a Russian for $95 million. The Russian never moved in.

So yeah, I'm sure another Russian will save the day for Don-The-Con and pay far too much for the struggling property. it's just good business for the greatest deal maker on the planet, right?

 

Perseus

(4,341 posts)
16. This is something that I always think about
Wed Nov 22, 2017, 07:07 PM
Nov 2017

Why did they get in politics to varnish their name, and suffer economic consequences, which I feel they will?

I have to imagine that the Trumps (including him) thought that having their idiot father become president that it would raise the value of their name, but the man-child is so toxic that I have to envision that anything with his name will either go bankrupt or if the name was licensed and they don't own the property, the people who do own it will be removing that last name from their properties. More legal suits will be filed against the trump family business in order to get rid of that name. "Your honor, the name Trump is hurting our business, no one wants to be associated with it, not even tourists."

I understand they thought it would benefit them, which is an interesting fact of human behaviour that can be compared with the fly swimming inside a glass of water, the outsiders see the possibilities for the fly to get out, but not the fly, she is inside and cannot find the way out. The same with the trumps, they are so used to the idiotic behaviour of the man-child and thus see him as "normal", but I believe they are going for a crash, that fortune may disappear before their own eyes as if it was a magic trick, because they most probably owe more than they are really worth.

I can't wait to see the end of this horror movie.

TexasBushwhacker

(20,202 posts)
20. I think that's the one that Ivanka committed fraud
Wed Nov 22, 2017, 07:44 PM
Nov 2017

when she wad promoting it. She was lying about the number of units that had been sold.

politicaljunkie41910

(3,335 posts)
21. Just to drive home the point that there's two different sets of rules; one for the rich, one for us.
Wed Nov 22, 2017, 08:01 PM
Nov 2017

Trump knows how to navigate the bankruptcy laws. When he can't of doesn't want to pay his bills, he stops paying them and then puts the squeeze on his creditors. Often times the creditors would rather take something rather than nothing. Try that with your mortgage holder. This man claims to be a multi billionaire and he'll probably end up just turning in the keys and they let him walk away and not even have to use his 7th Get Out of Bankruptcy Free card. Of course those people who bought Condos in the building will see their investment plummet but then, they probably knew the devil they were dealing with.

The average Joe who files for bankruptcy has to jump through hoops just to rent an apartment after a bankruptcy. Some people have a hard time even getting a job after a bankruptcy. If you were applying for a job with the federal government which requires a security clearance, a bankruptcy might prevent you from getting the job. But somehow, those same rules don't apply to the Commander in Chief. I think it should. In fact, I think he should be held to a higher standard than the average Joe. Instead he's held to a lower standard.

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