Despite Donald Trump’s efforts, his Toronto tower is off to a “weak start”

Despite Donald Trump’s efforts, his Toronto tower is off to a “weak start”

(Image: Gage Skidmore) 

The Wall Street Journal says Toronto’s high-profile Trump International Hotel and Tower has had a “weak start.” According to the paper, the Trump Tower (which recently opened with much fanfare) has only sold 60 per cent of its condos and 85 per cent of its hotel condos—stats that compare poorly to other rival luxury towers popping up in the city. Moreover, at least eight investors have contacted lawyers to help them slide out of their contracts and recoup hundreds of thousands of dollars in deposits for a variety of reasons: they (and many others) are worried Toronto’s condo bubble will soon burst; they invested ahead of the economic downturn and no longer have the cash to complete the purchase; or, according to one real-estate lawyer, they “were dazzled by the Trump name and marketing, and they did not take into consideration that they were paying in excess of a thousand dollars a foot.” Whoops. [Wall Street Journal]