TORONTO — CBRE has officially launched the sell-off of the majority of Toronto’s Trump International Hotel Tower and the Trump Residences at Bay and Adelaide streets, which will be handled by receiver FTI Consulting Canada.
The sale — approved by the courts on Jan. 4 — includes 211 hotel and 74 residential units as well as the the spa, the Calvin bar and upscale America restaurant. The sale does not include 50 hotel suites and 44 condos in the building that are owned by other investors. A minimum price of $298 million has been set for the 65-storey, luxury tower and the sale is already receiving interest from groups in Europe, Asia, the U.S. and some larger Canadian groups, according CBRE executive vice-president Bill Stone.
“We’re encouraged by the initial response. This is a rare commodity. There are not a lot of luxury hotels available in North America at this point,” he told The Toronto Star.
A bid date of Feb. 15 has been set with the sale expected to close this year.