Photo: Richie Diesterheft/Flickr
Toronto’s Trump International Tower & Hotel is for sale with a suggested price of at least $300 million, and word is that whoever buys it will be able to change its name.
According to Bloomberg, American commercial real estate firm CBRE is launching the marketing process for the 56-storey building, and said this week in an email to prospective buyers that it can’t guarantee that Trump’s name will stick after a sale is made.
“CBRE cannot speculate on the prospective intentions of any future owner,” the publication quotes Bill Stone, executive vice president of CBRE’s hotels unit, as saying.
A name change would likely be welcomed by at least some Toronto residents. Though President-Elect Donald Trump doesn’t own the building — it’s just licensed to use his name and brand — those who don’t agree with his policies have argued that his name should be removed.
Vancouver’s Trump International Tower & Hotel has faced similar problems. An Angus Reid poll released last December shows that at the time 56 per cent of Canadians supported taking Trump’s name off of both towers.
The Toronto tower has encountered numerous other problems, including construction delays before it opened in 2012, and later poor condo sales and multiple legal battles. Its $300-million price tag includes 74 unsold condo units plus a hotel and 211 unsold hotel units.
A number of foreign funds are reportedly interested in buying the building, but JFC Capital, the company that owns the debt on the tower, has also said it will make a bid. It filed to sell the building in October after developer Talon International defaulted on its payments.