The organizational subsidiary that operates Trump International Hotel and Tower Vancouver has filed for bankruptcy.
The hotel permanently shuttered its doors on Thursday, the same day the filing was made to federal regulators and staff were laid off.
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Records obtained by Daily Hive Urbanized from the Office of the Superintendent of Bankruptcy Canada show TA Hotel Management has total liabilities of $4.8 million and total assets of $1.1 million. The first meeting of creditors is scheduled on September 16.
In filings to Malaysian regulators on Friday, TA Global Berhad, the parent company of TA Hotel Management, stated the impact of COVID-19 “has impacted the business and [its] financial position,” adding that “its ongoing expenses since the outbreak of COVID-19 and lack of revenue has placed TA Hotel Management into a position of insolvency.”
As well, a letter obtained by Daily Hive Urbanized from the property manager, on behalf of the strata council, informed the tower’s condominium residents late Thursday afternoon of the building operator’s financial situation and the temporary change in building management.
Abbey Management has been appointed by the hotel property’s owners to work with the strata to ensure the optimal operations and maintenance of the tower.
“The past few hours have, undoubtedly, been challenging to understand the impacts of this service of the tower, which was primarily provided by staff of the Trump Hotel, who were all released from their respective employment today,” wrote Michael Schuss, CEO of AWM-Alliance Real Estate Group.
“In collaboration with members of the strata council, specifically your President Ava Vorwaller, AWM is arranging to ensure essential services remain in place.”
Additional security is being provided, and the existing concierge and engineering teams will remain for now.
Mott 32, the upscale Chinese restaurant within the tower’s base, indicated in an Instagram post early Friday morning it is “temporarily closed.”
Also on Friday, the Trump Vancouver hotel website disappeared, and it now redirects to the Trump Hotels global website, which no longer lists Vancouver. The Vancouver’s property’s social media accounts are also gradually being closed.
The $360-million, 616-ft-tall, 63-storey hotel tower — the second tallest building in Metro Vancouver — officially opened on February 28, 2017.
In 2013, Holborn Group, the tower’s local owner and developer, joined Donald Trump and his eldest children in formally announcing that the property would use the Trump Organization’s hotel chain brand.
The first 15 floors of the tower contain 147 guest rooms, amenities, spa, ballrooms, the former Drai’s Vancouver pool bar nightclub, and Mott 32, while the upper levels contain 217 condominiums.
It is not known if the hotel portion of the tower will be managed by another international brand and operator.
Daily Hive Urbanized reached out to Holborn Group on Thursday, but has yet to hear back. A formal announcement on Trump Vancouver hotel’s closure is expected soon.