CIM mulls sale of former Trump Soho hotel
The LA-based firm bought it at a foreclosure auction in 2014
CIM Group might not own the former Trump Soho Hotel for much longer.
The Los Angeles-based company is considering selling the property at 246 Spring Street, now known as the Dominick, according to Bloomberg. They have already contacted potential buyers for it.
The building stands 46 stories tall and has 391 rooms. CIM took ownership of the hotel after winning a foreclosure auction in 2014 and purchased the management and license agreements from the Trump Organization in 2017 for at least $6 million, although the breakup fee was not disclosed. The company was also a lender for the property when the Sapir Organization and Bayrock Group were developing it.
Bayrock included Felix Sater as one of its leaders, a convicted felon with ties to organized crime groups in the United States and Russia. Sater helped the U.S. government in a terror case and also worked with the Trump Organization to build a tower in Moscow during the 2016 presidential election. [Bloomberg] – Eddie Small