Torontoâs Trump International Hotel & Tower is finally up for sale, and the beleaguered building may lose its presidential brand under new ownership.
The sale includes 211 hotel units, 74 condo units and most of the towerâs retail and commercial space, including the America restaurant on the 31st floor.
The propertyâs court-approved receiver has set a minimum sale price of $298 million for the 65-storey tower, and the company behind the sale says there is âsubstantial levels of interest from all over the globe.â
âOpportunities to acquire such a prominent trophy asset in Torontoâs financial core are extremely rare,â said Bill Stone, executive vice-president of CBRE, the commercial real estate company behind the sell-off.
âItâs a superb location and one of the best luxury hotels in Canada.â
Much like its namesake, the luxury tower, located in the heart of downtown Toronto at Bay St. and Adelaide St. W., is no stranger to controversy. The building opened in 2012 after numerous delays and construction issues, including police reports of and damaging cars below.
In 2015, the buildingâs developer was slapped with a $2,000 bill after police were forced to close roads around the high-rise as a precaution while a was inspected. Later that year, a cracked window triggered a similar closure.
Protestors angry about the President-electâs call to ban Muslims have gathered outside the Trump-branded towers in Vancouver and Toronto, and local politicians in both cities have .
A change in ownership could mean a name change. Symon Zucker, a lawyer for the buildingâs developer, Talon International, told the Washington Post that the buildingâs new owners will get to decide whether or not to keep the towerâs Trump brand.