Cain has made it official, with its purchase of The Dominick Hotel in SoHo, Manhattan, a site that was formerly managed by President Donald Trump's company.
The Commercial Observer reports the amount of the final close to be $175 million — in line with what Bloomberg said in July when a deal was nearing.
CIM will say goodbye to the property that it rebranded from Trump SoHo after striking a buyout deal in 2017.
While The Dominick has struggled to recover from the Great Recession (as reported previously by Bloomberg), Cain sees an opportunity to reposition the hotel and rename it Delano SoHo New York. Interestingly, Cain isn't the controlling owner in the Delano brand, which originally launched in Miami and offers a luxury lifestyle experience to guests. Ennismore operates the majority of the equity, with Cain acquiring a minority stake in 2024.
Currently, Cain is holding responsibility for restoring Delano Miami Beach — hoping to reopen it early next year. Meanwhile, Ennismore will take on the management of Delano SoHo.
Along with New York, Cain operates hotels in major markets including Boston, Palm Beach and Beverly Hills. Also, the developer is working on its One Beverly Hills mixed-use 17.5-acre project that includes a 78-key hotel.
“The global demand for authentic luxury-lifestyle experiences has never been stronger, particularly in leading gateway cities,” Eric Poretsky, senior managing director, head of US equity at Cain, said in a statement.
“New York remains one of the most dynamic hospitality markets in the world, and SoHo offers the ideal backdrop for Delano’s pioneering collection of design, culture and creativity. Our investment in this asset reflects our long-term belief in the sector and our focus on building a portfolio of distinctive properties that define their locations.”
For Delano SoHo, the plans call to deploy "thoughtful modernization" to the asset — but no other specifics were provided, according to the developer. Currently, the hotel offers a rooftop pool, a spa, event spaces, a panoramic skyline and multiple dining options.
More Delano properties are being considered in Central America, the Middle East, Asia and Europe, according to Cain.
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