Trump deal finally gets its day in court
It’s been a long time for 22 of the original would be buyers of Toronto’s first Trump Tower but today and tomorrow, an Ontario Superior Court justice will hear two of the cases that are expected to set a precedent and fast track further claims by the plaintiffs.
At the heart of this unmitigated disaster is a group of buyers and investors who bought into the Trump on the basis of what they felt they were promised when they were pitched on the property.
From active involvement from the Donald himself to the promise of rental pool rooms fetching rates of over $500 per night, not to mention the pledge of a 55-75% occupancy rate.
The reality is that none of this ever happened and as a result, buyers were completely blindsided by this and other surprises like undisclosed fees and a rapid cuts to room rates when occupancy just never met expectations.
Throw this all in the mix with an investigation by the OSC into investment prospectus reporting violations and the result has been a nightmare for anyone who got drawn in.
Who’s to say where it all goes until the judge decides but all we know is that we’re glad we just enjoyed the tour and never stayed for the h’ors doeuvres.
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