Trump Organization reaches buyout to walk away from SoHo hotel

Trump Organization reaches buyout to walk away from SoHo hotel
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The Trump Organization has reached a buyout deal to walk away from the Trump SoHo, a luxury condominium-hotel in Lower Manhattan, The New York Times reported Wednesday.

The organization still has years remaining on its contract with building owner CIM Group, a California-based investment firm. As part of the deal, the CIM will pay the Trumps an undisclosed amount to end the arrangement early, allowing the group to rebrand the property, the newspaper reported.

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The SoHo property opened in 2010, but has been a hindrance to the company as it dealt with litigation involving business partners and a criminal investigation, the newspaper reported. 

The Trump Organization will continue to operate its Trump Tower property in Manhattan. 

The SoHo hotel reportedly planned layoffs in May after the property saw a drop-off in bookings for corporate events.

Other Trump properties have suffered since he took office in January. Rates at Trump hotels have plummeted, and charities have pulled their events from Trump properties.

The Trump Organization is currently being run in a blind trust by President TrumpDonald John TrumpNFL freezes policy barring players from protesting during anthem McConnell spokesman on Putin visit: 'There is no invitation from Congress' Petition urges University of Virginia not to hire Marc Short MORE's sons Donald Trump Jr. and Eric Trump.