Shortly after the announcement that future Trump hotels will not bear the sun-dried Cheeto’s name comes news that even his existing properties are suffering from the association.
The Trump International Hotel and Tower, the tallest residential building in Canada at 65 storeys, was a beacon of unnecessary opulence mired in troubles ranging from a default by the developer to the building literally falling apart.
And now the Toronto Trump tower will be sold, hopefully to someone who’s actually capable of managing real estate.
The Huffington Post explains how we got here:
The tower went into receivership on Tuesday after building developer and owner Talon International — along with several other companies — defaulted on a $301-million loan last year, CBC News reported.
JCF Capital ULC, which owns the debt, filed for receivership so that the company can recover its investment. JCF will trade its debt for ownership if it’s not satisfied with any offers from potential buyers.
The underlying reason, of course, is that people simply didn’t want to stay there.
The occupancy rate for hotel units hovered between just 15 and 45 per cent while less than half of condos have been sold.
And while a sale could happen relatively quickly, ridding the tower of Trump’s poisonous aura may never be possible.
[ninja_form id=104]
[ad_bb1]