https://www.thestar.com/news/gta/2016/05/27/torontos-trump-tower-for-sale.htmlBy Amy Dempsey Feature Writer
Toronto’s Trump Tower is up for sale and has wooed at least one potential buyer.
Symon Zucker, lawyer for Talon International, which developed the Trump Tower project and still holds a majority of the condos and hotel suites in the building, confirmed an offer has been made through a letter of intent. He would not name the interested buyer or the price.
Zucker denied a media report that said Talon has defaulted on a $260-million construction loan from an Austrian bank, saying “there is no active default” and company chairman Alex Shnaider has a successful long-term relationship with the bank.
“It’s not a distress sale,” he said. “There are no vultures flying around trying to pick up the carcass.”
A new owner could mean a new name for Trump International Hotel & Tower, which has been plagued by problems since it launched more than a decade ago, including lengthy construction delays, investor lawsuits and, most recently, a feud between Talon and the controversial U.S. Republican presidential candidate who lent his name to the project.
Toronto realtor David Fleming said a new owner would be wise to remove the name from the building at Bay and Adelaide Sts. as soon as possible and rebrand it.
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Donald Trump and United States politics aside, the name Trump Tower in Toronto is synonymous with failure,” he said. “We’ve been watching this debacle for the last half-decade.”Donald Trump holds no ownership stake in the project. As with many of his hotel-condo projects around the world, he licensed his brand for a fee. In Toronto, his company also has a long-term contract to manage the building.
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