After dropping the Trump Soho name, business is booming

Revenue per available room jumped over 20% in 2018

TRD NEW YORK /
Feb.February 27, 2019 08:40 AM

The Dominick Hotel at 246 Spring Street and CIM Group’s Shaul Kuba (Credit: The Dominick and CIM Group)

Revenue is on the rise at the Dominick Hotel, a change seemingly prompted by dropping the hotel’s previous name, Trump Soho.

The hotel has recorded a 20 percent spike in revenue per available room since it was renamed in late December 2017, according to STR research cited by Bloomberg. At a time when the price of luxury hotel suites are barely increasing, the hotel also recorded an $51 price increase in room prices, or 20 percent. The hotel, which stands 46 stories tall and has 391 rooms, also reportedly rented out 7,000 more room nights in 2018, compared to 2017.

“No matter what your stance, one thing almost everyone certainly wants to take a vacation from is politics,” Gesina Gudehus-Wittern, director of marketing firm IpsosStrategy3, told Bloomberg. “If Trump’s perspectives don’t align with your own, you don’t want to show yourself on social media at a hotel that bears his name.”

Owner CIM Group didn’t have to make upgrades to the hotel, which features large rooms with some of the best views in the city. Despite the promising financial boost, CIM is marketing the hotel for a sale, and reportedly contacted prospective buyers in recent weeks. The firm, one of Manhattan’s largest condominium developers, won the tower in a foreclosure auction in 2014 and purchased the management and license agreements from the Trump Organization in 2017 for $6 million.

Before taking over the property, CIM Group served as the lender to developers Sapir Organization and the Bayrock Group, a firm led by Russian-American Felix Sater, who sought to develop a Trump Tower in Moscow with the Trump Organization. [Bloomberg] — David Jeans


Related Articles

arrow_forward_ios
From left: The Row Hotel at 700 8th Avenue, the Williamsburg Hotel at 96 Wythe Avenue, the Selina Hotel at 516-518 West 27th Street and 20 Times Square (Credit: Google Maps, Sumaida + Khurana, PBDW)

More NYC hotel loans are defaulting as room rates fall

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

The Blakely Hotel at 136 West 55th Street and Richard Born (Credit: Google Maps, iStock, Richard Born by Studio Scrivo)

Hotel owner says competition, not union deal, led to closure

The Blakely Hotel at 136 West 55th Street and Richard Born (Credit: Google Maps, Richard Born by Studio Scrivo)

Blakely Hotel may shut down, lay off 54 workers

arrow_forward_ios
Loading...