Trump Soho may convert to Hotel

The Trump Soho Hotel which was built at a time when the zoning in the area didn’t allow full time residential on the site is currently deciding if it will convert the unsold apartments to hotel rooms. The project allows buyers to use their apartments for 120 days a year and then the hotel rents it out for them the rest of the year. Donald Trump and his organization…do not have any financial interest in the building but rather license their name to the building located at 246 Spring street like they do to many other projects worldwide. The Trump Soho Hotel was foreclosed by the CA based CIM Group which is currently decided the next step for the hotel that reportedly rents 80% of the time at a rate of $500 per night. They are considering capital improvements.

Converting the unsold condos to hotel might not be a bad idea especially given the money that investors are paying for hotel assets including the sale not that long ago of the Standard for approximately $1million per room and also the Angbang insurers’ purchase of the Waldorf Astoria Hotel for nearly $1.4 million per room!

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