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4 yrs after opening, trump Hotel in Toronto is now in bankruptcy court


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Thursday Nov 03, 2016 · 7:53 AM MDT
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Another Trump-branded property heads to bankruptcy court
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The Trump International Hotel & Tower Toronto is going belly up, only four years after the grand opening. From Politico:

The fairly new hotel and residential tower is Canada’s second tallest skyscraper. The development has been mired in controversy and lawsuits, many of which arose from the lower-than-expected occupancy rates. Donald Trump’s Russian friends were the primary investors:

This Trump-branded and Trump-managed jewel is also, as a business venture, a bust.

On Tuesday, a Canadian bankruptcy judge placed the glass-and-granite building into receivership, just four years after Trump and his children cut the ribbon at its grand opening. Once it’s auctioned off, whether or not Trump is the leader of the free world by then, his name may well vanish from its marquee.

Incredibly, this was Trump’s second attempt at a project in Toronto. You won’t believe how the first one fell apart:

Trump is not the project’s developer or even an investor; one of his partners, a Russian-born billionaire who got rich in Ukraine’s steel industry, controls the firm that’s in default. The Trump Toronto is still a posh hotel, and even though nearly two thirds of the tower’s condo units remain unsold, they’re still upscale residences. Still, the saga of the property’s glittering rise and rapid fall is classic Trump, featuring a tsunami of litigation and bitterness, money with a Russian accent, and a financial wreck that probably won’t hit its namesake particularly hard.

Regardless of what happens with the Trump International Hotel and Tower in regards to eventual new ownership, it seems highly unlikely Trump’s name would remain on the building in the long-term. In December 2015, Toronto City Councillor wrote the develop asking them to remove Trump’s name from the building:

Trump first got involved in the project 15 years ago, when he held a press conference with Toronto’s mayor to announce his plan to build a new Ritz Carlton downtown. That plan fell apart when it came out that his development partner was a fugitive who had been convicted of bankruptcy fraud and embezzlement in the U.S. Trump then forged a licensing and management deal with Shnaider and another Russian-Canadian named Val Levitan, whose name comes up a lot in the documents because he had no development experience. Talon pre-sold 85 percent of the units at near-Manhattan prices before the groundbreaking in 2007, but most of the buyers backed out after the global financial crisis ravaged the real estate market, and Levitan was eventually forced out.

There are some who may suggest that Canadians should just ignore Mr. Trump, or that he doesn’t matter because he is a political figure in another country.

However, recent attacks against Muslims in Toronto, and other Canadian cities, show that we are not immune to hateful actions against peaceful people. As well, the Canadian government’s similar internment of Japanese-Canadians is a part of our past that is still very painful for many.

I assume your original intent was just to associate yourself with a luxury brand, and that in no way am I suggesting that you were aware of Mr. Trump’s views at the time. But there is now no doubt that the name Trump is synonymous with racism and xenophobia.

To have the Trump name displayed so prominently on our skyline signals a tacit acceptance of hateful and divisive views.

Toronto is a diverse and accepting city because those values have been, and continue to be, actively promoted, celebrated, and defended.

History has demonstrated that symbols and words matter.

It is time to remove the Trump sign from your building and our city.

Given the Trump brand’s growing unpopularity, even if the property survives bankruptcy and gets new owners, there is little doubt those T-R-U-M-P letters will eventually be coming down from that hotel in the not-too-distant future.

http://www.dailykos.com/story/2016/11/3/1590556/-Four-years-after-opening-the-Trump-International-Hotel-in-Toronto-is-in-bankruptcy-court-this-week

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WHAT a bunch of CRAP...

 

IF you do your research (which YOU DID NOT), you will see that Donald Trump does not own the hotel, nor is EVEN an investor... It was built by some Russian born investor, under some sort of licensing agreement, but Donald Trump has NOTHING to DO with it...

 

Liberals are SUCH LYING IDIOTS !!

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WHAT a bunch of CRAP...

 

IF you do your research (which YOU DID NOT), you will see that Donald Trump does not own the hotel, nor is EVEN an investor... It was built by some Russian born investor, under some sort of licensing agreement, but Donald Trump has NOTHING to DO with it...

 

Liberals are SUCH LYING IDIOTS !!

I guess he also didn't own all the casinos in Atlantic City that went under either. The fact his name was on the buildings must have been a coincidence.
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No surprise there.

Worst businessman ever which is why he can't get a loan anymore in the United States.

He needs his buddy Putin to bail him out.

lol-058.gifAnd to think the DEPLORABLES meme is that Trump is a good businessman.

ES..

 

He can't get a loan anywhere in the US?

 

Do you just sit around and event stories all day?

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Four years after opening, the Trump International Hotel in Toronto is in bankruptcy court this week

 

The Trump International Hotel & Tower Toronto is going belly up, only four years after the grand opening. From Politico:

The fairly new hotel and residential tower is Canada’s second tallest skyscraper. The development has been mired in controversy and lawsuits, many of which arose from the lower-than-expected occupancy rates. Donald Trump’s Russian friends were the primary investors:

This Trump-branded and Trump-managed jewel is also, as a business venture, a bust.

On Tuesday, a Canadian bankruptcy judge placed the glass-and-granite building into receivership, just four years after Trump and his children cut the ribbon at its grand opening. Once it’s auctioned off, whether or not Trump is the leader of the free world by then, his name may well vanish from its marquee.

Incredibly, this was Trump’s second attempt at a project in Toronto. You won’t believe how the first one fell apart:

Trump is not the project’s developer or even an investor; one of his partners, a Russian-born billionaire who got rich in Ukraine’s steel industry, controls the firm that’s in default. The Trump Toronto is still a posh hotel, and even though nearly two thirds of the tower’s condo units remain unsold, they’re still upscale residences. Still, the saga of the property’s glittering rise and rapid fall is classic Trump, featuring a tsunami of litigation and bitterness, money with a Russian accent, and a financial wreck that probably won’t hit its namesake particularly hard.

Regardless of what happens with the Trump International Hotel and Tower in regards to eventual new ownership, it seems highly unlikely Trump’s name would remain on the building in the long-term. In December 2015, Toronto City Councillor wrote the develop asking them to remove Trump’s name from the building:

Trump first got involved in the project 15 years ago, when he held a press conference with Toronto’s mayor to announce his plan to build a new Ritz Carlton downtown. That plan fell apart when it came out that his development partner was a fugitive who had been convicted of bankruptcy fraud and embezzlement in the U.S. Trump then forged a licensing and management deal with Shnaider and another Russian-Canadian named Val Levitan, whose name comes up a lot in the documents because he had no development experience. Talon pre-sold 85 percent of the units at near-Manhattan prices before the groundbreaking in 2007, but most of the buyers backed out after the global financial crisis ravaged the real estate market, and Levitan was eventually forced out.

 

There are some who may suggest that Canadians should just ignore Mr. Trump, or that he doesn’t matter because he is a political figure in another country.

However, recent attacks against Muslims in Toronto, and other Canadian cities, show that we are not immune to hateful actions against peaceful people. As well, the Canadian government’s similar internment of Japanese-Canadians is a part of our past that is still very painful for many.

I assume your original intent was just to associate yourself with a luxury brand, and that in no way am I suggesting that you were aware of Mr. Trump’s views at the time. But there is now no doubt that the name Trump is synonymous with racism and xenophobia.

To have the Trump name displayed so prominently on our skyline signals a tacit acceptance of hateful and divisive views.

Toronto is a diverse and accepting city because those values have been, and continue to be, actively promoted, celebrated, and defended.

History has demonstrated that symbols and words matter.

It is time to remove the Trump sign from your building and our city.

 

Given the Trump brand’s growing unpopularity, even if the property survives bankruptcy and gets new owners, there is little doubt those T-R-U-M-P letters will eventually be coming down from that hotel in the not-too-distant future.

http://www.dailykos.com/story/2016/11/3/1590556/-Four-years-after-opening-the-Trump-International-Hotel-in-Toronto-is-in-bankruptcy-court-this-week

Another failed Trump "business venture", funded by his Russian mob friends, that is failing, heading for bankruptcy, that will leave thousands of working people unpaid for work they did for him.

 

And the con whores will cheer.

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WHAT a bunch of CRAP...

 

IF you do your research (which YOU DID NOT), you will see that Donald Trump does not own the hotel, nor is EVEN an investor... It was built by some Russian born investor, under some sort of licensing agreement, but Donald Trump has NOTHING to DO with it...

 

Liberals are SUCH LYING IDIOTS !!

edit%20JAHUR%20esploits_zpsgidyh4gk.jpg

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WHAT a bunch of CRAP...

 

IF you do your research (which YOU DID NOT), you will see that Donald Trump does not own the hotel, nor is EVEN an investor... It was built by some Russian born investor, under some sort of licensing agreement, but Donald Trump has NOTHING to DO with it...

 

Liberals are SUCH LYING IDIOTS !!

His name is plastered on it, it was his idea, and his company manages it, moron. The fact that he's not a shareholder doesn't excuse him from this colossal fuckup. How about taking some personal responsibility like you rightwingers love to bleat about?

 

"Talon alleges Trump Toronto Hotel Management is not meeting its obligations. In an interview, Talon lawyer Symon Zucker says his clients are no longer interested in the Trump brand because Donald is actively diminishing it."

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Judge Declares Trump Toronto Building Bankrupt

November 3, 2016Timothy Bertrand Business

 

Trump Brand Toxic In Canadian Real Estate Market

On Tuesday, a Canadian bankruptcy judge placed the Trump International Hotel & Tower building in receivership. According to Politico, the decision comes just four years after Donald Trump himself attended the hotel’s grand opening.

The hotel, which offers luxury services like the Trump Experience and the Trump Pets program, has been badly outperformed by competitors in the Canadian real estate market. A source close to the matter told Politico:

“The whole business model has been overpromise and underdeliver, and it’s Trump’s name on the thing. You can’t put all the blame on him and his people. But if they did a terrific job, do you think it would be in bankruptcy?”

Indeed, occupancy rates for the hotel are well below projections. And while Donald Trump is not actively involved in managing the hotel (a firm owned by a business partner controls the hotel and is in default), his now toxic branding may be affecting the venture’s performance.

 

Related: Global Trump Hotel Bookings Plummet 60% As World Finally Realizes He’s A Racist, Sexist Asshole

And as the building will continue to operate (defaulting is hardly the apocalyptic business scenario we think it is), investors seem likely to strip the hotel of its Trump branding. The evidently toxic effect of Donald Trump’s presidential candidacy on his international brand is a lesson in public relations a supposed business maven like Trump should have already learned. A statement posted by a city Councillor of Toronto to the project’s managers sums up the anti-Trump sentiment:

There are some who may suggest that Canadians should just ignore Mr. Trump, or that he doesn’t matter because he is a political figure in another country.
However, recent attacks against Muslims in Toronto, and other Canadian cities, show that we are not immune to hateful actions against peaceful people. As well, the Canadian government’s similar internment of Japanese-Canadians is a part of our past that is still very painful for many.
To have the Trump name displayed so prominently on our skyline signals a tacit acceptance of hateful and divisive views.

 

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