With Donald Trump hard on the campaign trail, one of the hotels with his name on it is in the news for the wrong reason.
According to Canada's Financial Post, The Trump International Hotel & Tower Toronto is likely to hit the market soon as the property's developer Talon International and related companies have reportedly defaulted on making payments since last year.
JCF Capital ULC, which recently bought the construction loan on the 65-story condo hotel, is making the claim and is reportedly now "seeking a court-supervised sales process for the property to recoup the outstanding $301 million on the debt."
Earlier this year, Talon reportedly tried to sell the property after defaulting on the loan, which was originally issued by Raiffeisen Bank International AG in 2007, court documents show. JCF Capital acquired the loan on Oct. 3 and sent a notice to Talon twice this month asking for repayment.
The debt matured in December of last year and Talon has been in default since July 2, 2015, JCF Capital said.
Trump continues to manage the property.