If you’re a New Yorker who’s into Donald Trump’s preferred big and shiny aesthetic, this may be a sad moment for you.
The lender in Trump Soho, the hotel Trump unveiled on his show The Apprentice, has decided to foreclose on the property, according to the Wall Street Journal.
Real-estate investor CIM Group, which holds a junior loan on the property, is taking control of the building through a foreclosure process and his hired brokerage Eastdil Secured to auction off the property.
The hotel opened in 2010 and quickly became a hotspot for upscale bottle service. But as with many NYC nightlife destinations, its popularity has waned.
Trump has a licensing deal with the property, not an equity stake.