Trump luxury hotel for sale — who will buy?
The Trump International Hotel & Tower Toronto is officially up for sale.
FTI Consulting Canada appointed commercial real estate and investment services firm CBRE to market and sell the property, which includes 211 hotel units and 74 residential units. The asking price for the 65-storey luxury building, located in Toronto’s financial district, begins at $298 million.
The listing comes after the building's developer fell behind on loan payments and the property wound up in the hands of CBRE to sell and market the building's unsold units after being retained by the hotel's court-appointed receiver.
“Opportunities to acquire such a prominent trophy asset in Toronto’s financial core are extremely rare,” Bill Stone, executive vice president of CBRE Hotels, said Wednesday in a release.
“The property also provides the acquirer with substantial unrealized potential in Canada’s biggest and best performing hotel market and we expect to see robust demand for this asset from both international and domestic investors,” he added.
The listing comes at a time of increased interest in Canada’s hotels. Toronto’s hotel market in particular leads the country when looking at key performance indicators, according to CBRE.
CBRE said year-end estimates suggest downtown Toronto will post double-digit increases of 10.3 per cent in average daily rate and 15.6 per cent revenue per available room growth for 2016.
Correction: An earlier version of this article inaccureately said CBRE is the court-appointed reciever. It in fact has been retained by the receiver.