[URBAN NOTE] "Trump Tower Toronto To Be Sold Off After Debt Default: Report"

[rfmcdonald]

Huffington Post Canada's Daniel Tencer reports on the good news. I want this man's name out of my city's maps, thank you.

The Globe and Mail reports that the Trump International Hotel & Tower Toronto is on the verge of being sold to an unnamed new owner after its current one failed to pay back a $260-million construction loan last year.

The sale will likely mean the Trump name will disappear from the building.

Donald Trump himself doesn’t own the Toronto tower — it belongs to Talon Developments, which licensed the Trump brand for the skyscraper, and hired a Trump-owned company to run the property.

Talon’s clients are “no longer interested in the Trump brand” because Trump himself has damaged it, company lawyer Symon Zucker said.

“It’s more important for him to be president than run a successful business,” Zucker told the Toronto Star last month.