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The Trump Organization has been paid to walk away from its prized Trump SoHo hotel, severing a management contract and ending the company’s ties to the struggling Manhattan establishment.
A deal was reached on Wednesday in which CIM Group, the California-based investment company which owns the building, bought the Trump Organization out of the remainder of their contract to manage the hotel.
The buyout means that, at the end of December, the Trump Organization will walk away.
CIM will then be entitled to rebrand the hotel and try and turn its fortunes around.
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