Company That Owns Trump’s Vancouver Hotel Files For Bankruptcy
According to The Washington Post, the company that owns President Trump’s hotel in Vancouver, Canada, has filed for bankruptcy, which the newspaper noted raises “questions about the future of one of President Trump’s newest hotels, just three years after it opened.”
- The president does not own the Vancouver Trump International Hotel, but rather his company is paid to operate the hotel and the building owner has licensed his name.
- “The Trump Vancouver hotel has already been closed for four months because of the coronavirus pandemic,” according to the report; however, “By Friday — a day after the bankruptcy filing — the hotel’s website was taken down, its name was missing from Trump Hotels’ corporate website, and the Vancouver hotel’s accounts were deleted from Twitter and Facebook.”
- Joo Kim Tiah, the CEO of Malaysia-based TA Global Berhad, which is the hotel owner’s parent company, said he is unsure whether the hotel will be closed permanently. “I truly do not know the answer to that question at this point in time,” he said in an email.
The entity that declared bankruptcy — TA Hotel Management Limited Partnership — is a subsidiary of TA Global Berhad that serves as the landlord for the Trump hotel in downtown Vancouver. When it filed for bankruptcy Thursday, that company listed $3.6 million in debts and only $839,000 in assets, Canadian records show.
The parent company blamed the bankruptcy on its long-running closure: “Its ongoing expenses since the outbreak of COVID-19 and lack of revenue has placed [the hotel] into a position of insolvency,” TA Global Berhad wrote on its website.
The Post said the Trump Organization did not respond to requests for comment on Friday.