TORONTO – A Canadian judge has approved the sale of the Donald Trump-branded Toronto hotel and condo tower to its main debt holder after no other bids were submitted for the troubled building.
Justice Glenn Hainey of the Ontario Superior Court of Justice approved the $298 million Canadian (US$223 million) “stalking horse” bid from San Diego investment firm JCF Capital ULC.
The Trump Organization had a business relationship with developer Alex Schnaider, a Russian-born billionaire who built the tower, which went into receivership last year. Schnaider Talon International company defaulted on a loan from an Austrian bank, which sold the loan to JCF Capital.
The building was not owned by the U.S. president but his organization licenses its name and operates it.
The 65-story tower in Toronto’s financial district opened in 2012.