The Adelaide Hotel Toronto is a mixed-use skyscraper in Toronto, Ontario, Canada. It was built by Markham-based Talon International Development Inc., which is owned by Val Levitan and Canadian businessman Alex Shnaider.
It used to be known as Trump International Hotel and Tower Toronto.
The Trump Organization, a company of American real estate developer and now-President of the United States, Donald Trump, used to hold the management contract for the property and was a minority shareholder in the project. Following the buy-out of the management contract by JCF Capital and the sale of the property to InnVest Real Estate Investment Trust in 2017, the hotel is being operated by Marriott International temporarily as the Adelaide Hotel Toronto. Following renovations, it will join Marriott's St. Regis Hotels & Resorts as The St. Regis Toronto.
After it opened, the Trump Hotel was the target of controversies, including general uproar from the public for the hotel to lose its Trump branding following U.S. President Trump's Executive Order 13769, which restricts refugees from a number of predominantly Muslim countries into the United States.
The tower is located in the Financial District, at 311 Bay Street, on the southeast corner of Bay and Adelaide streets. It is the third tallest skyscraper in Canada (including spire), the tallest mixed-use building in the city and fourth tallest structure in the city.
The tower has 65 storeys, 57 occupiable floors, is 276.9 m (908 ft) tall and is clad with a steel, glass, and stone facade. The building includes 260 luxury hotel rooms and 109 condominiums. The top two floors of the hotel section house a 5,486 m2 (59,050 sq ft) spa. It was built by Zeidler Roberts Partnership and is the tallest mixed-use building in Canada. Floors 2-31 occupies the hotel while 32-57 occupies residential.
Residential suites range in size from 207 m2 (2,230 sq ft), and were designed with upscale fixtures and 3.4 to 4 m (11 to 13 ft) ceilings. Suite prices started at C$1.2 million. There are 4-6 suites per floor. Residents have a separate entrance and elevators from hotel guests.
Developer Harry Stinson intended to create a friendly rivalry with Trump for the tallest mixed-use building in Canada with the Sapphire Tower. As a result, the planned heights of both projects were revised several times in an attempt to outdo each other, and Stinson's skyscraper would have been 17 metres taller in its last design. However, the Sapphire Tower failed to gain approval of city council, in part because it would have cast a shadow over Toronto City Hall's Nathan Phillips Square, and its development company filed for bankruptcy in 2007. At that time, the tower's design was also scaled back and the height was reduced because of the real estate market slowdown.
The building was built from a vacant lot (parking) surrounded by Scotia Plaza and the National Club. Lewis Builds Corporation, a construction and development manager in downtown Toronto, was the construction manager for this project.
On March 23, 2007, Talon International Development Incorporated of Markham announced that it had reached an agreement with international bank Raiffeisen Zentralbank Österreich AG (RZB) to arrange C$310 million in construction financing for its five-star Trump International Hotel & Tower development.
Construction began with the removal of the sales centre in September 2007. The official groundbreaking was on October 12, 2007. The hotel portion of the tower was planned to be completed in late 2011. The tower was projected to be completed in early 2012. The building topped out in early September 2011, and the spire was raised on September 24, 2011. The hotel opened for business on January 31, 2012, and its grand opening occurred on April 16, 2012. Work on the top of the building continued until completion in July 2012 with the activation of two high-intensity aircraft warning lights.
According to the Panama Papers, in 2010, Shnaider sold at least half of Midland Group's ownership in the Zaporizhstal steel mill to buyers financed by Russian state-owned Vnesheconombank, who were then themselves acquired by the development bank. Shnaider then used proceeds from the sale to partially meet cost overruns at the Tower. Shnaider's lawyer told The Wall Street Journal that $15 million from the sale to the Russian bank went into the tower, and then recanted.
The tower has been controversial since its opening because of lower than expected occupancy rates in the "hotel-condo" portion of the building that led to a legal battle between real estate investors and Talon International Development. As of October 2016, the following units (not including parking spaces) had been sold to investors:
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Investors wanted to opt out of purchase agreements because they believe the sales tactics used by Talon regarding financial projections were misleading. The Ontario Securities Commission investigated the matter in 2012 and decided not to take action, but several investors sued Talon, its principals and Trump for various claims, including recovery of their deposits, damages for loss of opportunity and consequential damages, negligent misrepresentation and conspiracy. Talon counter-sued the investors who did not pay the remaining purchase price by December 13, 2012. In July 2015, the Ontario Superior Court of Justice dismissed two test cases, while finding that income estimates for the project were "hypothetical" in nature, but the judgment was partially overturned in October 2016 at the Ontario Court of Appeal, which held that:
In August 2013, close to six years after the start of construction, the building was incomplete. The "TRUMP" sign on the north side of the tower read "TRUM", and the public art feature Lightline was missing. The tower's spokesman, Dorenda McNeil, told media in May 2013 that "from our perspective, the building is not yet fully complete. We will turn it [the public art feature] on at the right opportunity". Because the light feature is a public art piece promised as part of the approval process for development, the City of Toronto grew impatient and considering commencing litigation.
In October 2016, JCF Capital ULC (a private firm that had bought the construction loan on the building) announced that it was seeking court approval under the Bankruptcy and Insolvency Act to have the building sold in order to recoup its debt which then totalled $301 million.
The Ontario Superior Court of Justice approved the request to appoint a receiver on November 4, 2016. The court allowed for its auction which took place in March 2017, but no bidders, apart from one stalking horse offer, took part.
In December 2015, Josh Matlow, Toronto City Councillor for Ward 22, created a petition to rename the building, due to the controversial remarks made by Trump during the early phases of his successful presidential campaign. Matlow stated that renaming the building would allow Talon International Development to disassociate itself, and by extension, Toronto to disassociate itself, from Trump and his remarks. Following his election, the site had become the subject of protests against Trump, despite the fact that it was only branded under the Trump name under licence due to a management deal, and was not otherwise owned by him.
On June 27, 2017, JCF Capital reached an agreement to buy out the Trump Organization's management contract for the property, meaning that it will soon drop the Trump branding. Bloomberg reported that the property was likely to be rebranded under Marriott International's St. Regis banner.
On June 29, 2017, InnVest Hotels LP acquired the hotel from JCF Capital for an undisclosed amount and announced that the 65-storey facility will receive a significant renovation and be renamed the St. Regis Toronto once the initial phases of the renovation are complete.
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