CIM Again Looking to Sell Dominick Hotel

8 July 2025

CIM Group is once again looking to sell the former Trump Soho hotel in Manhattan. After years of flirtations, it may finally close the deal soon.

Cain International is in talks to acquire the Dominick hotel at 246 Spring Street from CIM, people familiar with the matter told Bloomberg. The deal, which is reportedly close to the finish line, would see Cain pay more than $175 million for the 391-key property.

Neither side commented on the pending acquisition to the outlet. Should a deal close, Cain would likely look to reposition the property.

Two years ago, Ramsfield Hospitality Finance and funds managed by Alliance Bernstein’s CarVal alternative investment manager provided CIM with an $83 million loan to refinance the Dominick.

CIM acquired the Dominick, once the Trump Soho Hotel Condominium, through foreclosure in 2014. The firm rebranded the 46-story tower in 2017 after ending a licensing agreement with the Trump Organization.

In recent years, CIM has considered selling the hotel, first in 2019 and then again in September 2022.

Cain has been looking to capitalize on opportunities in luxury real estate. A venture between chief executive officer Jonathan Goldstein and Eldridge Industries, Cain has been involved in financing the Aman New York and redeveloping prestigious properties like the Beverly Hilton in California and the Delano Miami Beach. It’s also partnering with Mubadala Investment’s alternative asset management subsidiary on luxury real estate acquisitions.

In April, Vlad Doronin’s OKO Group and Cain International proposed a three-building condo complex in Palm Beach, the first new condo proposal on the island in nearly 20 years.

Back in Manhattan, the hotel market has tightened in recent years as developers have been largely frozen by a 2021 City Council bill that necessitated a special permit for new hotel developments.

Since 2019, the city has lost 6,000 hotel rooms, JLL reported back in the fall, half of which were in Manhattan. Thousands of rooms were converted into migrant housing, many of which will never return to their former state.

— Holden Walter-Warner