Photo: Umair Kahn/Flickr
Is owning one of presidential hopeful Donald Trump’s gaudily iconic Make America Great Again caps not enough?
Well, now you can set your sights on a much bigger and more expensive branded item: the Trump International Hotel & Tower Toronto.
Talon International Development, a real estate firm owned by Trump’s former business partner Alex Shnaider, is looking to offload Toronto’s Trump Tower for somewhere in the ballpark of $180 to $200 million.
That, or cut ties with Trump Toronto Hotel Management Corp., which handles reservations, housekeeping and marketing, while putting the development into creditor protection, according to The Globe and Mail.
Reportedly, Talon, which is behind the condo-and-hotel development, has brought on CBRE Ltd. to broker a deal and big real estate players, including Blackstone Group LP and TPG Capital, have shown interest.
Though the controversial mogul’s name is embossed in bold letters on the penthouse’s exterior, Trump does not own a piece of the property.
Raiffeisen Bank International AG (RBI), bankrolled the $500-million project’s construction to the tune of $310 million, but this loan went into default last summer.
From then on, RBI and Talon have been pooling their efforts to sell the 65-storey Trump Toronto while this year attempting to nix his management company’s long-term contract.
Trump, often seen exclaiming “You’re fired!” on his hit reality TV show The Apprentice, could soon be meeting that fate in Toronto.