STALKING HORSE SALE APPROVED FOR TRUMP TOWER IN TORONTO
An Ontario court judge on Thursday approved the sale of a downtown Toronto hotel and condominium high-rise bearing U.S. President Donald Trump’s name to the tower’s main debtholder, according to documents posted on the receiver’s website. The court-run sale of Trump International Hotel & Tower had received no bids apart from a stalking horse offer of $298 million by JCF Capital ULC, which bought the $301 million owed on the tower’s construction loan last fall. Trump doesn’t own the hotel. The court process only indirectly involves the U.S. president, whose sprawling business empire licenses its brand and manages the Toronto property on behalf of the developer, Talon International Inc. Representatives for JCF and Talon could not be immediately reached for comment. The tower has been beset by troubles since opening its doors in 2012.