TORONTO — Trump International Hotel & Tower Toronto is on the cusp of being sold to an undisclosed owner. The building’s current owner, Talon Developments, failed to pay back a $260 million construction loan it received last year. However, the building’s operations are managed by the Trump Hotel Collection.
Talon Developments lawyer Symon Zucker said its clients are “no longer interested in the Trump brand,” and the sale will happen “hopefully shortly.”
Zucker also said that the current contract between Talon and the Trump Hotel would no longer be in effect, which would mean the new owner would be free to change the building’s name.
A year after the 65-storey tower’s opening, its hotel room occupancy was stagnant at 50 per cent. Within the last year it has seen a 47-per-cent decline in bookings.