The sale of the Trump International Hotel & Tower in Toronto was approved in court this morning following a declaration of bankruptcy.
In a story that seems awfully familiar, investors says they were misled about the hotel’s finances and its non-existent success.
The project opened with much bombast in 2012 when Donald Trump was on hand for the ribbon cutting, promising luxury units in the condo portion and lucrative investment in the hotel suites, which individuals could buy and make money from renting out.
Since its launch, less than half of its residential condos have been sold by Talon and the hotel’s occupancy rates have been lower than some investors in the rooms had hoped. The average daily rate for hotel rooms in the building has declined by about 30 per cent, court documents suggest.
Trump does not personally own the hotel in Toronto, but the property is managed by the Trump Organization. Donald Trump is the owner and president of the Trump Organization.
Everything Trump touches turns to shit.