I am no longer with the project, but I still feel the need to defend the project against the rumors that were spread by The Star and others. Since we launched the project in 2004, the rumor mill has been a constant churn. I've never understood the negativity. I am personally very proud of what we accomplished and the fact that the building was constructed and completed. The dedication, talents and perseverance of everyone associated with the project is commendable (including many dedicated purchasers). It was not easy.
Bottom-line, Talon delivered on the promise of creating a five-star property. Trump Hotel Toronto was awarded a five-star rating by Forbes in January. It has remained at the #1 spot on Tripadvisor for Toronto for the past year and a half. and more recently, was named one of the Top 10 hotels in the world. I don't think the Trump brand has been tarnished by the building. If anything, it is in sync with the Trump Hotel Collection and has enhanced it. I may be biased, but it is an absolutely beautiful property and the staff is incredible.
The hotel, the amenities and The Residences are very well designed, original and of extremely high quality. For those who have been inside the building, or have actually toured the residences, or stayed in the hotel, you know exactly what I am referring to. I don't disagree that there were some challenges with the construction of the building. It was an ambitious project. It was uniquely difficult because of the small footprint, the surrounding properties and the building's height. The high number of weather delays and cost overruns were a challenge to the schedule. In fact, nearly 18 months of time was lost due to weather-related issues (with space available for only one crane and a limited operating space, any inclement weather meant it could not be operated). It was a very expensive building to build. And yes, it is an expensive building to live in. But, keep in mind, it was designed for a particular audience that can afford it.
Regarding the hotel condominiums, contracts were signed by buyers and upon completion, many were unable to close on their units for one reason or another. The change in the real estate environment and the change in the mortgage market was not something within Talon's control. At several points throughout construction of the property purchasers were given an opportunity to opt out, yet continued to sign and approve amendments. It was only once Javad Heydary began soliciting buyers and negatively promoting it to the press that tarnished the property. This is a man by the way, who embezzled millions, fled to Iran and possibly faked his own death last year. And, you can read into that what you wish. I do not know the man personally.
I'm not from Toronto, but I love the city. If I could afford it, I would absolutely purchase a residence at Trump Toronto. And honestly, Shangri-La, Four Seasons and Ritz-Carlton are all fine properties as well. The fact that all of these luxury hotel brands have definitive hotel/residential properties in Toronto is a great thing for the city and its prominence on the world stage. In the long term, this will do nothing but enhance the city's luxury hotel and real estate reputation.
