One of downtown New York's most luxurious hotels that carries a well-known name is going to auction. That's right: The Trump SoHo can be yours—for the right price.
The property's developers, the Sapir Organization and Bayrock Grpup LLC, has decided to put the hotel and its unsold condominium units up for sale, reports Bloomberg.
The developers have hired brokers Eastdil Secured LLC and Jones Lang LaSalle Inc. to hold an auction for the some 300-plus number of unsold condominium units, according to The New York Observer, and the hotel's common areas, said Alex Sapir, president of the Sapir Organization.
"This is a real trophy property," Sapir told Bloomberg. "An asset like this is a once-in-a-lifetime opportunity."
The 46-story Trump Soho, which is now owned but managed by the Trump Organization, offers condos for sale. But note: they can only be used by their owners for 120 days out of the year. The rest of the time they are offered as hotel rooms with owners sharing the revenue.
Word is that the decision to hold the auction came after Sapir "received unsolicited offers for the hotel," Sapir told Bloomberg. "There were numbers that we would be very happy selling at," he continued, without offering any specifics.
Prospective buyers will receive preliminary information about the sale as early as today, Bloomberg reports, and the auction most likely will be held in March or April.
Is it a good time to buy? If you have the equity, yes. The hotel industry continues to recover, and New York City is leading the pack. Room rates there rose 2.6 percent in November from a year earlier to an average $279 a night, according to STR. Revenue per available room climbed 6.1 percent to $230, as occupancies climbed by 3.5 percent over the year.
Who has pockets deep enough? According to Sapir, the property is being marketed to buyers in Asia, Russia and the Middle East.
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