Judge Declares Trump Toronto Building Bankrupt
Trump Brand Toxic In Canadian Real Estate Market
On Tuesday, a Canadian bankruptcy judge placed the Trump International Hotel & Tower building in receivership. According to Politico, the decision comes just four years after Donald Trump himself attended the hotel’s grand opening.
The hotel, which offers luxury services like the Trump Experience and the Trump Pets program, has been badly outperformed by competitors in the Canadian real estate market. A source close to the matter told Politico:
“The whole business model has been overpromise and underdeliver, and it’s Trump’s name on the thing. You can’t put all the blame on him and his people. But if they did a terrific job, do you think it would be in bankruptcy?”
Indeed, occupancy rates for the hotel are well below projections. And while Donald Trump is not actively involved in managing the hotel (a firm owned by a business partner controls the hotel and is in default), his now toxic branding may be affecting the venture’s performance.
Related: Global Trump Hotel Bookings Plummet 60% As World Finally Realizes He’s A Racist, Sexist Asshole
And as the building will continue to operate (defaulting is hardly the apocalyptic business scenario we think it is), investors seem likely to strip the hotel of its Trump branding. The evidently toxic effect of Donald Trump’s presidential candidacy on his international brand is a lesson in public relations a supposed business maven like Trump should have already learned. A statement posted by a city Councillor of Toronto to the project’s managers sums up the anti-Trump sentiment:
There are some who may suggest that Canadians should just ignore Mr. Trump, or that he doesn’t matter because he is a political figure in another country. However, recent attacks against Muslims in Toronto, and other Canadian cities, show that we are not immune to hateful actions against peaceful people. As well, the Canadian government’s similar internment of Japanese-Canadians is a part of our past that is still very painful for many. To have the Trump name displayed so prominently on our skyline signals a tacit acceptance of hateful and divisive views.
Photo by Spencer Platt/Getty Images
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