Trump Toronto hotel / condo tower ordered up for sale by Superior Court - Building half empty, loan payments not made
I live about an hour from this property. The bulk of the assets of the Trump International Hotel & Tower in downtown Toronto near the financial sector, are officially up for sale as of this week on this side of the Upper 49th parallel.
The Trump project was plagued by delays, cost overruns and other issues since project launch in 2007, even though Toronto has a very busy and solid demand in the hotel sector.
The Ontario Superior Court has set the minimum price of $298 million. (Canadian)
As a Real Estate Salesperson for nearly 30 years now, I tend to follow the markets and news that affects my client base and the population. The timing of this court order is interesting given Trump is about to take office officially in a few days as POTUS.
An Ontario judge has given the approval after months in court, to a receiver for supervision of the sale of the Trump-branded hotel-condo tower in Toronto after the builder of the 65-storey building failed to make loan payments.
Justice Glenn Hainey - Ontario Superior Court of Justice - has named FTI Consulting Canada Inc. as the receiver for the sale of the property, after a request from private company JCF Capital ULC, that purchased the debt on the project at the end of September.
- The property includes 211 hotel units, 74 residential units & the bulk of the property's ICI / commercial / retail space.
Since it launched, fewer than half of the property's residential condos have been sold, and the occupancy rates of the hotel rooms have been lower than some investors had wanted, according to court documents.
Most would agree that this is a rarely seen opportunity to acquire such an asset in the Downtown Toronto core in the financial district with some of the most expensive real estate in North America.
The Ontario Ministry of Tourism, Culture & Sport, said the hotel occupancy rate in downtown Toronto in 2016 (October stats) was just over 79 %, up a touch from 78.9 % in 2015. Average daily room rates in the downtown area was $226, up from $212. the year before.
- The building has seen a steep decline in the average room rate - down by roughly 30 %, court documents show.
Follow the Money
JCF Capital ULC, who owns about $300M on the building's development loan, stated in court documents that Talon & related corporations are in default on the loan, dating back to July of 2015 or earlier, and that this procedural sale is part of JCF's mandate to recover its interest in the project.
The developers are being sued by the investors stating they were misled regarding its finances, & are out millions on the promises. Talon is in court fighting these claims.
- Trump /Trump companies have no ownership in the property. Talon licensed the Trump branding & hired Trump's company to manage the property. In November just passed, the company stated it is expected that will be continued.
Images: PBS/Twitter, Toronto Life, ABC News.
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Thanks again
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Looks like an excellent place for the U.N. :)
LOL!!! That is witty. Lots of vacancies for the absence of civil liberties they specialize in.
Brother have a nice weekend, always nice to hear from you.
Did you see my Trump Accordian post today, you will die LOL at it, I am still recovering and it was posted over an hour ago lol
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Thanks
nice post!
https://twitter.com/BarryDutton/status/819993752404107265
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Wow, I did not know the extent of his endeavors, hopefully Canada can make him do something he has not done in the US
Oh - he is all over the globe. About 2 yrs ago, I watched how a community in Scotland fought him and won for his golf course on the coast. It is a good watch if you can find it.
Cool will look for it.
Canadians and Americans can still take some actions. In fact it's now even more important to vote with your feet when unsuitable people are in power.
Why the boycotts does he own some part of all of these. As for the weed yes that is a great plan not sure if they are doing it in my state.
The boycotts do not target Trump himself. That would risk worsening Trump's behavior and performance even more, IMO. Those boycotts are aimed at a broad range of harmful neoconservative policy and direct actions that the targeted companies contribute to.
Exceptionally, you'll notice that Mike Pence endorses and is endorsed by the extremist neocon organization ALEC, of which Sony and General Electric are members. Although it's unclear to what extent a Sony and General Electric boycott would hinder the bottom line for Mike Pence. What's important is not feeding ALEC.
Excellent post dear friend @barrydutton, very good information.
I wish you a good weekend
Thanks as always brother
This post got me thinking about how much "the market" will probably be blamed for corrupt things Trump will be able to do as president. Ironic and sad.
I hear ya.
Thanks for the feedback on this, it is interesting.