Money Toronto’s Trump Tower up for bids starting at $298 million

10:50  12 january  2017
10:50  12 january  2017 Source:   Toronto Star

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The sale includes 211 hotel suites, 74 condos and retail facilities in the financial district tower .

The Trump International Hotel & Tower Toronto is officially up for sale. The asking price for the 65-storey luxury building, located in Toronto ’ s financial district, begins at $ 298 million . The listing comes after the building's developer fell behind on loan payments and the property wound up in the hands of CBRE, a court-appointed receiver. “Opportunities to acquire such a prominent trophy asset in Toronto ’ s financial core are extremely rare,” Bill Stone, executive vice president of CBRE Hotels, said Wednesday in a release.


Commercial real estate company CBRE has officially launched the sell-off of the majority of Toronto’s troubled Trump International Hotel Tower and the Trump Residences at Bay and Adelaide Sts.

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FTI Consulting Inc

FCN

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The sale being handled by receiver FTI Consulting Canada was approved by the courts on Jan. 4. It comprises 211 hotel and 74 residential units and the building’s retail space, including the spa, the Calvin bar and upscale America restaurant.

The receiver has set a minimum price of $298 million for the 65-storey, luxury tower and the sale is already receiving global interest from groups in Europe, Asia, the U.S. and some larger Canadian groups, said 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 said.

After years of problems, the Trump hotel in Toronto is put up for sale

  After years of problems, the Trump hotel in Toronto is put up for sale The building was plagued by construction delays and lawsuits.FCN

Sign In. Note: If you previously signed in with an answer to a question, your answer will now become your password. Tower Inn and Suites of Guilford/Madison.

ERROR: Template 404.tpl not found in theme default for section pg! Directors Remely and Silhol have assembled a million plan.

CBRE has handled the sale of other prestigious Toronto hotels, including the Royal York, the Intercontinental and the Four Seasons. Stone characterized the five-star Trump Tower as a premium opportunity.

“The Toronto hotel market is exceptionally strong. Last year, to the end of Oct., occupancy was up about 5 per cent to 78 per cent. It was one of the strongest years on record. Average rates were up 11 per cent up to $221. Downtown Toronto was the rate leader in the country,” he said.

Although he would not provide the occupancy rate on the Trump hotel, Stone said, “It is holding its own.”

The bid date of Feb. 15 means the sale is expected to close this year, he said.

The sale does not include 50 hotel suites and 44 condos in the building that are owned by other investors.

A group of owners in the property, who claim to be the victims of misleading marketing, are suing the property’s developer, Talon International and the business organization owned by U.S. President-elect Donald Trump, which manages it and licensed the use of its name on the property.

In November, a lawyer for Trump called the suit, “a desperate, last-ditch attempt by a small group of buyers to get out of what were clear and unequivocal purchase contracts.”

The upscale Trump tower opened in 2012, after a series of delays and slow unit sales.

With files by Michael Lewis

Here's who bought the condos in Trump Tower Vancouver .
No residential tower in recent memory has been scrutinized as much as the new Trump International Hotel and Tower Vancouver. To see who bought what were reported as the highest price-per-square-foot for condos in Canada at the time they were sold, Postmedia News did a search of records at B.C. Assessment, B.C. Online and the Land Title and Survey Authority.The records reveal how much some of the well-heeled buyers paid to snap up units, and that almost 20 per cent of them bought more than one.For example, American tech billionaire and philanthropist John Tu paid $7.

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