Trump Tower In Toronto Fails To Find Buyer Mar 7th

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Trump Tower In Toronto Fails To Find Buyer

– walletpop.ca

The sale of Toronto’s Trump Tower failed to attract a single bid from anyone except the lender that owns its debt, according to news reports.

Plagued by years of financial losses, the Trump International Hotel & Tower Toronto went into receivership last year, after defaulting on a C$260-million loan.

Donald Trump at the ground-breaking of the Trump International Hotel and Tower Toronto. (Photo: Michael Stuparyk/Toronto Star via Getty Images)

A court-ordered sale of the building started with an initial bid of C$298 million, slightly less than the $301-million mortgage on the property. That “stalking-horse” bid came from JFC Capital, which owns the building’s debt.

Because no other bids came in, “the Receiver has determined that the Stalking Horse Bidder is the Successful Bidder,” said a letter from FTI Consulting, as quoted at Reuters. FTI oversaw the sale.

An artist’s rendering of the Toronto Trump Tower. (Image: Talon International)

U.S. President Donald Trump doesn’t own the hotel…

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