The Trump International Hotel & Tower in Toronto is likely to hit the market as the owner of debt on the property seeks a sale, Bloomberg News reported yesterday. JCF Capital ULC recently bought the construction loan on the 65-story hotel and condominium building, and claims developer Talon International Inc. and related companies have defaulted on making payments since last year. JCF Capital is seeking a court-supervised sales process for the property to recoup the outstanding C$301 million ($225 million) on the debt, according to court filings made on Tuesday under Canada’s Bankruptcy and Insolvency Act. The court filing is the latest in the decade-long saga of the building, which was Trump’s first branded hotel in Canada. Since construction began in 2007, the tower has been subject to lawsuits against Donald Trump’s firm and Talon from investors who say they were duped; a court battle to end Trump’s management agreement; and protests after the U.S. presidential candidate made comments about Mexicans, Muslims, and women during his campaign. Earlier this year, Talon attempted to sell the property after defaulting on the loan, originally given by Raiffeisen Bank International AG in 2007, the court documents show. JCF Capital acquired the loan on Oct. 3 and sent a notice to Talon twice this month asking for repayment.
