Cain International Expected to Acquire Former Trump SoHo Hotel for $175M

Global alternative investment firm Cain International is close to acquiring the former Trump SoHo hotel in Manhattan.

Cain is expected to buy the 391-key hotel, now known as The Dominick, from CIM Group for more than $175 million, Bloomberg reported.

Cain, a partnership between CEO Jonathan Goldstein and Eldridge Industries, plans to reposition the property, according to the outlet.

It’s unclear who’s brokering the deal. CIM declined to comment, while a spokesperson for Cain did not immediately respond to a request for comment.

President Donald Trump’s family company owned the 46-story hotel at 246 Spring Street until 2017, when CIM bought out Trump’s management and licensing agreement on the property, Bloomberg reported at the time.

CIM changed the name of the building from Trump SoHo to The Dominick after the hotel struggled to attract guests and condo sales fell short following the 2016 election, according to Bloomberg.

In the same year, JCF Capital ULC exited its contract with Trump Hotels and rebranded the former Trump International Hotel & Tower in Downtown Toronto as a St. Regis hotel, the outlet reported.

Now, after a civil investigation into Trump’s New York real estate portfolio, Cain is set to take over the president’s former SoHo hotel. Located at the corner of Spring and Varick streets, The Dominick features a spa, a cafe and an outdoor pool on a seventh-floor terrace.

News of the pending deal comes during a hotel investment streak for Cain, which recently provided financing for the development of the Aman New York in Midtown and the redevelopment of the Beverly Hilton in California, Bloomberg reported.

Isabelle Durso can be reached at idurso@commercialobserver.com.