Vancouver, August 29
The firm that operates the Trump International Hotel in Vancouver stated on Friday it has filed for chapter, blaming the coronavirus pandemic for misplaced income and monetary hardship.
TA Hotel Management Ltd Partnership (TAHMLP), a unit of Malaysia-based TA Global Bhd, stated the non permanent closure since March on account of COVID-19 impacted the resort’s enterprise.
Vancouver-based developer Holborn Group, which owns the tower, licensed the Trump title for the challenge underneath a 2013 settlement. The 69-story luxurious resort in downtown Vancouver opened in 2017 amid protests in opposition to U.S. President Donald Trump.
“Its ongoing expenses since the outbreak of COVID-19 and lack of revenue has placed TAHMLP into a position of insolvency,” an announcement on the corporate web site stated.
Documents filed in Canada on Thursday confirmed that TA Hotel Management Ltd Partnership owes C$4.79 million ($3.66 million) and has complete property of C$1.1 million. TA Hotel Management leased the resort premises and operated it, in response to the assertion.
In 2019, the resort’s income dropped 4% on account of a decline in meals and beverage gross sales, in response to TA Hotel Management’s annual report.
TA Global Bhd and Holborn Group didn’t reply to requests for remark.
Grant Thornton Ltd has been appointed because the trustee. A gathering of collectors will happen on September 16. Reuters