Skeezix
Senior Member
Troubled Trump Toronto hotel put on block
Andrew Willis, The Globe and Mail, 11 January 2017
Andrew Willis, The Globe and Mail, 11 January 2017
^^ Is it confirmed that the buyer will be able to remove the Trump name? I thought the new building owner would need to continue to license the Trump brand as per the existing contract?
Not a single bid for the hotel
https://twitter.com/CBCAlerts/status/838806640040243200
^^ Is it confirmed that the buyer will be able to remove the Trump name? I thought the new building owner would need to continue to license the Trump brand as per the existing contract?
The media reports are not entirely clear on the matter, and I can only imagine that the receiver and prospective purchasers are keeping their respective cards close to their chests on that one. I don't doubt law firms are writing opinions on that as we speak.
This does not mean (as I have heard elsewhere) that no one was willing to buy the building....just that no one wanted to pay more than $298 million for it....if you thought it was worth, say, $275MM there was no point putting in a bid.
you do get new owners.......the current lender now gets to convert their debt into ownership....they may, then, go out and seek buyers/investors in a non-court process...the only way the current owners get to keep it is if they can convince the current lender that they should settle their debt for less than 100 cents on the dollar.This is bad news. It means we wont have a new owner to fix it up and keep the light feature active.
Fake news.
AoD