CIM Group, the real estate firm co-founded by Richard Ressler, is exploring the sale of the Manhattan hotel once known as the Trump SoHo, according to people familiar with the matter.
(Bloomberg) — CIM Group, the real estate firm co-founded by Richard Ressler, is exploring the sale of the Manhattan hotel once known as the Trump SoHo, according to people familiar with the matter.
CIM is working with an adviser on a potential sale of the property, now known as the Dominick, said the people, who asked not to be named because the sales effort is private. CIM also considered selling the hotel in 2019, Bloomberg reported at the time.
A representative for CIM declined to comment.
The Dominick — on Spring Street at the intersection of Manhattan’s SoHo, Tribeca and West Village neighborhoods — includes 391 rooms, some of which have been sold as condominiums. The property was known as the Trump SoHo until 2017, when the owner bought out the management and licensing agreement from the former US president’s family company.
CIM is seeking to sell the property amid a leisure travel boom that has boosted the global hospitality industry. New York hotels had an average occupancy rate of 77% in July and an average room rate of $259.23, putting it among the strongest lodging markets in the US, according to data and analytics company STR.
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
