Trump-Branded Toronto Tower Gets No Offers Aside From Its LenderBy
Hotel and condo building drew no qualifying bids by deadline
Debtholder JCF Capital is successful bidder, receiver says
A deadline to bid for the Trump International Hotel & Tower in Toronto has passed with the property drawing no new offers, according to the receiver.
The 65-story hotel and condo tower was put on the market by JCF Capital ULC, the holder of the C$300 million ($223 million) loan on the property. The firm also said it would bid for the building using the value of the debt, setting the floor price for other bids. Since no other qualified offers were received by the Feb. 15 deadline, JCF is the successful bidder, according to the receiver, FTI Consulting.
JCF retained CBRE Ltd. last year to market the property, and the brokerage prepared a list of about 570 potentially interested firms, including Bluesky Hotels and Resorts Inc., an entity said to be tied to China’s Anbang Insurance Group Co.
The property, located in the heart of Toronto’s financial district, is managed by the Trump Organization, which licenses its name to the building. The tower has been the site of several recent protests following the election of U.S. President Donald Trump.
Reuters reported the news on earlier today.