Despite Donald Trump’s efforts, his Toronto tower is off to a “weak start”
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]
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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]){kind=link}
This doesn’t surprise me at all. The Trump “brand” doesn’t really stand for luxury, or class, at least anymore – it stands for trashy, tacky, overconsumption, favoured by nouveau riche Euro trash.
That tower they built in Toronto is by far the ugliest of the new 5 stars going up, and the restaurant doesn’t look even mildly appealing – being expensive doesn’t make it good.
Things will only get worse for that place when the Shangri-La and Four Seasons come on line.
U guys just love it when people from the outside come to this city and fail, don’t u?? And then wonder y we don’t have high end luxury!!
Actually, I support the influx of 5 stars in the City – the Ritz-Carlton, Shangri-La and Four Seasons are or will be wonderful additions to the city. The Trump could have been as well, except it seems that they spent more effort trying to make the place look expensive than they did trying to make it look classy. I’ll admit I’m not really a fan of the Trump “brand” especially when he’s gone out of his way to denigrate it by licensing it to everyone and anyone willing to pay him a fee, but that doesn’t mean I don’t support the influx of money coming into the City. Don’t get confused.
Terrible taste, not surprised.
How’s the ritz doin sales wise!!??
All these 5 star hotels / condos have bust written all over them. I’m lovin’ it!