TORONTO and VANCOUVER — Donald Trump’s presidential run is having an impact on his businesses in Canada and knock-on effects for those who have partnered with his brand, says BBC News. The developer of a new Trump Tower in Vancouver is being pressured to drop the Trump name from the project, while the Trump Tower in Toronto is now the subject of a lawsuit by small investors who claim they were misled into buying into the project.
The luxury hotel and condominium tower in downtown Vancouver — which is licensed to use the Trump name and brand — is owned by the Holborn Group, a private real-estate developer which partnered with the Trump brand in 2013. According to the hotel’s general manager, despite the controversy, approximately 10,000 people have applied for 300 plus jobs at the Vancouver Trump Tower and Holborn says it has sold all the luxury condos in the building. The opening date for the Vancouver hotel has been delayed until 2017.
In Toronto, the Trump Tower developer, Talon Development Inc, has tried to remove the Trump name from the troubled hotel and condominium complex. Earlier this year, the company was close to a deal to sell the 65-storey hotel and condominium complex however, the property is currently off the market. The building is the subject of a lawsuit by buyers who claimed they lost money after investing in the property. An Ontario court recently ruled in favour of two investors, saying one could be discharged from his obligations and another could be awarded damages.
