The property owner for Toronto’s Trump tower probably never thought an American presidential election would give him such a headache, but then Donald Trump went ahead and got himself nominated.
Exploiting racial and xenophobic fears, Trump’s campaign has become very popular with America’s ultra-conservative base, but his “brand” is growing toxic everywhere else. Nowhere is that more clear than in Toronto. Talon International Development Inc. is struggling to find a buyer for the 65-story hotel and condominium, in large part due to the fact that Trump’s family has demanded that no one change the tower’s name. Thanks to his Republican bid, there aren’t a ton of people who are eager to spend millions of dollars on a building bearing the Trump name.
The two parties – Trump’s family and Talon – have gone to war.
The building is operated for Talon by the Trump Hotel Collection, presided over by Trump and his children.[Talon’s representative Symon] Zucker said the current contract with Trump Hotel is “exclusive with Talon” and that “the new owner can if he wishes retain a different manager and change the name of the hotel.”
Zucker declined to comment on the potential new owner’s intentions or the specifics of the deal.
Trump Organization general counsel Alan Garten disagreed, saying the agreement is valid for “another 16 years” and calling Zucker’s view “100 percent false.”
“The management’s agreement between Trump and the condos would remain in full force and effect,” he said in an email. “We are not going anywhere.”
That’s a problem for the would-be sale of the tower. Zucker claims they already have a buyer lined up but the purchase is contingent on having the option to change the name of the building.
Most political experts agree that while Trump’s rise to being the nominee was improbable, his defeat in November is almost inevitable. It’s unclear the extent of the damage Trump has done to his brand during the election, but most estimates suggest it to be massive. Places where Trump sold his branded lines of ties, clothing and (occasionally) steaks, have been met with boycotts and backlash. His Trump University lawsuit is also looking ominous, which may mean he’s on the hook for millions in damages.
All the while, he’s burning practically every bridge to get to where he is. In November, he’s going to discover that he has very little left to return to. He certainly won’t be welcome in Toronto’s Trump tower – or whatever its eventual name will be.
Featured image via Wikipedia