Canadian Commercial Real Estate Thread
Toronto's Trump Tower on sale for $298 million
Toronto’s 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 tower’s retail and commercial space, including the America restaurant on the 31st floor. The property’s court-approved receiver has set a minimum sale price of $298 million for the 65-storey tower. http://www.ctvnews.ca/canada/toronto...lion-1.3239219 |
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That sounds pretty cheap to me... Only $298 million for a building that size, on property that centrally located?
They would probably have been more successful if they weren't associated with an orange racist pig. |
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Why does this warrant its own thread in the Canada section?
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I think the Kardashian's have much better taste actually! The interior is simply horrific. |
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Hopefully some Saudi Billionaire buys it and has it moved to his country. They finally got the light feature working and it's as annoying as the President Elect.
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My understanding is that this only buys the unsold units and hotel rooms - of which there are of course quite a few. The amount of unsold hotel rooms would provide controlling interest in the hotel, allowing for a rebrand. As the building is a condo, ownership is not under a single entity. This sale is simply for what the developer couldn't sell already.
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The units look decent to me.
https://www.trumphotels.com/uploads/...gallery-04.jpg The sale includes 74 unsold condos still?!? |
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Let's not underestimate the number of unsold units. They will have a massive controlling interest in the corporation and possible have enough votes to dissolve it. The number of unsold units is around 80%.
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I don't know how much retail and commercial space there is in there, but obviously many millions' worth at the very minimum. |
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