Granted, this wasn't one he or his businesses directly owned. Instead, it was built licensing his name on the building and on various businesses within. But like so many other Trump properties — branded or owned — it turns out to have been much less than a stellar success.
'Launched with great fanfare by Donald Trump and his offspring four years ago, only 44 of 118 condo units have been sold. The hotel occupancy rate is low, and room rates for the hotel have fallen by 30 percent, according to court documents.
[…] Trump went into a business relationship with developer Talon International, Inc., controlled by Russian steel magnate Alex Shnaider. Shnaider is known for such touches as hiring Justin Bieber to serenade his 16-year-old daughter at her Sweet Sixteen party, Politico reported Thursday.
JCF Capital, ULC, recently purchased the construction loan on the four-year-old building. It claims that Talon International, and related companies, have defaulted since 2015 on making payments.'
Oh, look, and another Russian connection.
Just an additional something to remember when Trump touts his business acumen and how he'll apply that to the American economy.
The 65-story Trump Tower in Toronto goes belly-up and into receivership
The Trump Organization leased its name, and agreed to manage, a 65-story hotel in Toronto, developed by a firm controlled by a Russian steel magnate. The hotel-condo, the largest in Canada’s biggest city, has gone into receivership.
