Trump Soho was unveiled on Friday morning at the official ribbon cutting ceremony. Met with a resounding standing ovation from media, guests and hotel staff, Donald Trump announced his excitement about the project, that “vitality, commitment, and quality makes all the difference.”

Along with Donald Trump were his children, Ivanka, Eric and Don Jr. as well as developers Alex Sapir, Julius Schwartz and Deputy Mayor Robert Lieber.

Located at 246 Spring Street, the dramatic, 46-story silver-glass hotel in Downtown New York has incredible views of the city’s skyline, the Hudson River, Statue of Liberty and Empire State Building. Blending classically inspired interiors with contemporary New York design, this SoHo hotel’s 391 elegantly appointed rooms and suites feature floor-to-ceiling windows, furnishings by Fendi Casa, and custom bedding by Bellino. With just 12 rooms per floor, Trump SoHo has the ambiance of an intimate hotel. Special introductory rates start at $389 per night. The first guests began checking in Friday morning.

Trump SoHo offers such Trump Hotel Collection hallmarks as world-class dining at Quattro Gastronomia Italiana, the signature services of the Trump Attache®, and the Trump® Kids and Trump® Pets programs. Kastel cocktail lounge and The Library, outfitted with TASCHEN books, provide unique spaces to enjoy a cappuccino or a glass of wine. Trump SoHo also offers the most meeting and event space in the neighborhood, with over 12,000 square feet that can be customized for any occasion.

The Spa at Trump®, with New York’s only authentic luxury hammam, and seasonal Bar d’Eau on the lush, 6,000-square-foot Pool Deck, will open in early summer.

The restaurant, Quattro, features a 150 seat, 3,800 square foot interior with a mezzanine area and two private dining rooms.  The menu offers Northern Italian cuisine that marries local produce with specialty ingredients.  We were also informed that the restaurant was completely booked Friday and Saturday nights.

The hotel is actually a condominium in which the owners can rent out their units when they aren’t staying there. In the case of Trump Soho, owners can occupy the unit for up to 120 days per year, and no more than 29 out of 36 consecutive days. It’s actually not that many days of the year, so owners will most likely be comprised of international residents who enjoy the rental benefits and probably wouldn’t want permanent residence in the city. It may attract other types of investors as well–although when you hear the prices, you may question the investment value.

Investment Potential:

As we previously reported, some buyers may be a little confused about the hotel/condo model, but the building is a big attraction for deep-pocketed travelers, international residents, and others looking for a place to stay for a month or two.

The location, services, views and uniqueness of the product for the area are very impressive, as is the potential rental income from the hotel.

Overview

The Trump Soho “Hotel Condominium” is a joint venture between the Sapir Organization, Trump, and The Bayrock Group. If you’re like plenty of people, including myself until very recently, you may not understand the exact requirements for this sort of obscure classification. The condominium is actually a hotel in which the owners can rent out their units when they aren’t staying there. In the case of Trump Soho, owners can occupy the unit for up to 120 days per year, and no more than 29 out of 36 consecutive days. It’s actually not that many days of the year, so owners will most likely be comprised of international residents who enjoy the rental benefits and probably wouldn’t want permanent residence in the city. It may attract other types of investors as well–although when you hear the prices, you may question the investment value. (more…)