As Donald Trump continues to make his ascent in US politics, having secured enough delegates to capture the Republican presidential nomination, his presence in the Toronto skyline is in danger of being erased as the owners of his namesake hotel look for someone to take the property off their hands.
The Trump International Hotel & Tower, which houses 261 hotel units and 118 condo units, has been on the market for about a year, and according to the lawyer for the real estate company that owns the building, a deal is currently in the works.
“A letter of intent has been signed, and they’re doing their due diligence,” said Symon Zucker, who represents owner of Talon International Development Inc., Alex Schnaider.
Zucker wouldn’t reveal the identity of the bidder, but says it’s surprising that efforts to sell the building, which has been marketed actively for the past while, are suddenly newsworthy.
Shnaider and Raiffeisen Bank International, which loaned his company $310 million — $260 million went into default last summer — for the construction of the 65-storey building, could also put the tower into creditor protection and terminate their contract with the Trump-owned management company that operates the hotel.
While Trump has no ownership stake in the property, he and his family were highly visible in its marketing during construction, and he owns Trump Toronto Hotel Management, which takes care of its reservations, marketing, and housekeeping.