The Trump SoHo in lower Manhattan will be deflagged at the end of the year after the Trump Organization reached an agreement with the property's majority owner, CIM Group.

The Trump Organization agreed to a buyout with "years" remaining on the management contract, the New York Times reported.

"We recognize and sincerely appreciate their contributions to this exceptional asset and the strong working relationship we have with the Trump Organization," CIM Group vice president of hotels Bill Doak said in a statement.

Announced on Donald Trump's TV show "The Apprentice" in 2006, the hotel ran into delays during the recession and wasn't completed until 2010. Among legal issues involving the project, the Trump Organization settled a lawsuit in 2011 over allegations that the Trump family made inflated claims about the project, and agreed to pay claimants about $3 million, according to the Times.

CIM Group took control of the hotel in 2014 after previous developers Sapir Organization and Bayrock Group defaulted on the property's loans.

CIM Group didn't say how the hotel would be renamed or who would take over management.

"The board and CIM have been first class in every regard. We have truly enjoyed our relationship and look forward to exploring new opportunities in the future" said Trump Hotels CEO Eric Danziger in a statement. "Over the past several years, Trump Hotels has expanded into a multi-dimensional hotel group, and we look forward to continuing that expansion into new domestic markets."

The 46-story Trump SoHo has 391 rooms, including 10 penthouse suites, and a spa. The hotel is the second operated by the Trump Organization to be deflagged this year. The former Trump Toronto is now a St. Regis.

In New York, the Trump Organization also operates the 176-room Trump International Hotel & Tower on Central Park West.

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