The St. Regis Toronto
{{Short description|Luxury hotel in Toronto}}
{{Use mdy dates|date=June 2017}}
{{Infobox building
|name = The St. Regis Toronto
|former_name = Trump International Hotel and Tower Toronto {{small|(2012–17)}}
The Adelaide Hotel Toronto {{small|(2017–18)}}
|image = St_Regis_Toronto_2025-04-22.jpg
|image_size = 250px
|caption = {{small|The St. Regis Toronto (centre, with spire)}}
|architectural_style = Postmodern
|address = 325 Bay Street
Toronto, Ontario
M5H 4G3
|coordinates = {{Coord|43|38|59|N|79|22|49|W|type:landmark_region:CA-ON|display=inline,title}}
|antenna_spire = {{convert|276.9|m|ft|abbr=on}}
|roof = {{convert|236.5|m|ft|abbr=on}}
|floor_count = 57
|status = completed
|start_date = October 2007
|opening = Soft: January 31, 2012
Grand: April 16, 2012
|floor_area = {{convert|74,510|sqm|abbr=on}}
|developer = Talon International Development Inc.
|architect = Zeidler Partnership Architects
|hotel_chain = {{nowrap|St. Regis Hotels & Resorts}}
|operator = Marriott International
|building_type = Residential, hotel, retail{{cite web|title=Trump Tower Toronto|url=http://www.urbandb.com/canada/ontario/toronto/trump_tower_toronto/|publisher=UrbanDB.com|access-date=August 16, 2013|archive-date=November 2, 2009|archive-url=https://web.archive.org/web/20091102060114/http://www.urbandb.com/canada/ontario/toronto/trump_tower_toronto/}}
|website = {{URL|http://stregistoronto.com/}}
}}
The St. Regis Toronto is a mixed-use skyscraper located in the downtown core of Toronto, Ontario, Canada. It was built by Markham-based Talon International Development Inc., which is owned by Canadian businessmen Val Levitan and Alex Shnaider. The hotel portion of the building is owned by InnVest Hotels LP, which acquired it in 2017.
The building is located in Toronto's Financial District, at 325 Bay Street, on the southeast corner of Bay and Adelaide streets. Including the spire, it is the second-tallest building in Canada, the second tallest-building in Toronto, and the tallest mixed-use building in Toronto. Including non-building structures (such as CN Tower) and when measured to the tip (antenna), it is the fourth-tallest structure in Toronto, as of 2020.
The building opened in 2012 as the Trump International Hotel and Tower Toronto. The Trump family-owned The Trump Organization held the management contract for the hotel and was a minority shareholder in the project. This affiliation with Donald Trump – then a real estate developer and reality-television star, later President of the United States – was controversial, and led to public calls to drop the building's Trump branding.
The management contract was bought out by JCF Capital in June 2017, and the hotel portion of the building was then purchased by InnVest Hotels LP, a subsidiary of Bluesky Hotels and Resorts.{{cite news |title=InnVest Hotels acquires former Trump Tower in Toronto |url=https://www.thestar.com/business/2017/06/29/innvest-hotels-acquires-former-trump-tower-in-toronto.html |website=The Toronto Star |date=June 29, 2017 |access-date=October 18, 2017}} The hotel management shifted to Marriott International, which operated it on an unbranded basis as The Adelaide Hotel Toronto during renovations.{{cite web |url=https://www.cntraveler.com/hotels/canada/toronto/trump-international-hotel---tower-toronto |title=The Adelaide Hotel Toronto – Hotel Review |work=Condé Nast Traveller |date=2018 |access-date=2020-04-14}} After the renovations were completed, the hotel became part of Marriott's St. Regis Hotels & Resorts on 28 November 2018, adopting its present name.{{cite web |title=St. Regis Hotels and Resorts Marks Canadian Debut at The Best Address in Toronto |url=https://news.marriott.com/2018/11/st-regis-hotels-and-resorts-marks-canadian-debut-at-the-best-address-in-toronto/ |website=news.marriott.com |access-date=November 28, 2018}}
Specifications
File:St-Regis-Toronto-Entrance-2025-04-13.jpg
The tower has 65 stories, 57 occupiable floors, is {{convert|276.9|m|ft|abbr=on}} tall,{{cite web| title=Trump International Hotel & Tower Toronto|url=http://skyscraperpage.com/cities/?buildingID=6167| publisher=SkyscraperPage.com| access-date=August 16, 2013}} and is clad with a steel, glass, and stone facade. The building includes 261 luxury hotel rooms and 118 residential condominium suites. The top two floors of the hotel section house a {{convert|5486|m2|sqft|abbr=on}} spa. The tower was designed by Zeidler Partnership Architects and is the tallest mixed-use building in Canada. The hotel occupies floors 2-31, while floors 32-57 are occupied by condominium suites.
Residential suites range in size from {{convert|207|m2|sqft|abbr=on}}, and were designed with upscale fixtures and {{convert|3.4|to|4|m|ft|abbr=on}} ceilings. Suite prices started at {{CAD|1.2 million|link=yes}}. There are 4-6 suites per floor. Residents have a separate entrance and elevators from hotel guests.
Builders planned to connect the building to Toronto's underground PATH network, however this plan was dropped because of the high costs associated with tunnelling under the city.{{cite news|title=Trump opens his latest hotel in Toronto|url=http://www.digitaljournal.com/article/318854|archive-url=https://web.archive.org/web/20131230235450/http://www.digitaljournal.com/article/318854|archive-date=2013-12-30|work=Digital Journal|last=Mullins|first=KJ|date=February 1, 2012|access-date=August 16, 2013}}
History
=Rivalry with Sapphire Tower=
Developer Harry Stinson intended to create a friendly rivalry with Trump for the tallest mixed-use building in Canada with the Sapphire Tower. As a result, the planned heights of both projects were revised several times in an attempt to outdo each other, and Stinson's skyscraper would have been 17 metres taller in its last design. However, the Sapphire Tower failed to gain approval of city council, in part because it would have cast a shadow over Toronto City Hall's Nathan Phillips Square, and its development company filed for bankruptcy in 2007. At that time, the Trump Tower's design was also scaled back and the height was reduced because of the real estate market slowdown.{{cite news| title=Condo king files for bankruptcy protection| url=https://www.thestar.com/news/2007/03/09/condo_king_files_for_bankruptcy_protection.html| last=Wong| first=Tony| work=Toronto Star| date=March 9, 2007| access-date=August 16, 2013}}
=Construction=
The building was built on a previously vacant lot, used only for parking, between Scotia Plaza and The National Club. Lewis Builds Corporation, a construction and development manager in downtown Toronto, was the construction manager for this project.
On March 23, 2007, Talon International Development Incorporated of Markham announced that it had reached an agreement with international bank Raiffeisen Zentralbank Österreich AG (RZB) to arrange {{CAD|310 million}} in construction financing for its Trump International Hotel & Tower development.
Construction began with the removal of the sales centre in September 2007. The official groundbreaking was on October 12, 2007. The hotel portion of the tower was planned to be completed in late 2011. The tower was projected to be completed in early 2012. The building topped out in early September 2011, and the spire was raised on September 24, 2011. The hotel opened for business on January 31, 2012, and its grand opening occurred on April 16, 2012.{{cite web|title=Putting The Finishing Touches on Trump International as Official Launch Date Arrives|url=http://urbantoronto.ca/news/2012/04/putting-finishing-touches-trump-international-official-launch-date-arrives#disqus_thread|date=April 13, 2012|website=urbantoronto.ca|access-date=August 16, 2013}} Work on the top of the building continued until completion in July 2012 with the activation of two high-intensity aircraft warning lights.
Issues and controversies
=Investor disputes=
In May 2017, The Wall Street Journal reported that Russian state-owned Vnesheconombank (VEB) provided financing for the construction of the hotel in 2010.{{cite web |title=Russian State-Run Bank Financed Deal Involving Trump Hotel Partner |url=https://www.wsj.com/articles/russian-state-run-bank-financed-deal-involving-trump-hotel-partner-1495031708 |website=The Wall Street Journal |date=May 17, 2017|access-date=March 6, 2018 |last1=Barry |first1=Rob |last2=Stewart |first2=Christopher S. |last3=Forrest |first3=Brett}} According to the Panama Papers, in 2010, Shnaider sold at least half of Midland Group's ownership in the Zaporizhstal steel mill to buyers financed by VEB, who were then themselves acquired by the bank.{{cite news|last1=Protess|first1=Ben|last2=Kramer|first2=Andrew E.|last3=McIntire|first3=Mike|title=Bank at Center of U.S. Inquiry Projects Russian 'Soft Power'|url=https://www.nytimes.com/2017/06/04/business/vnesheconombank-veb-bank-russia-trump-kushner.html|access-date=June 5, 2017|work=The New York Times|date=June 5, 2017|page=A1}} Shnaider then used proceeds from the sale to partially meet cost overruns at the Tower. Shnaider's lawyer told The Wall Street Journal that $15 million from the sale to the Russian bank went into the tower, and then recanted.
The tower has been controversial since its opening because of lower than expected occupancy rates in the "hotel-condo" portion of the building that led to a legal battle between real estate investors and Talon International Development. As of October 2016, the following units (not including parking spaces) had been sold to investors:
| class="wikitable" style="text-align:right;"
|+ Ownership of the Tower's residential units (October 2016) | ||
| Owner | Hotel units | Residential units |
|---|---|---|
| style="text-align:left;"|Talon | 211 | 74 |
| style="text-align:left;"|Other investors | 50 | 44 |
| style="text-align:left;"|Total | 261 | 118 |
Investors wanted to opt out of purchase agreements because they believe the sales tactics used by Talon regarding financial projections were misleading. The Ontario Securities Commission investigated the matter in 2012 and decided not to take action,{{cite news|title=OSC won't take action against Toronto's Trump tower|url=https://www.theglobeandmail.com/report-on-business/osc-wont-take-action-against-torontos-trump-tower/article5958123/|date=December 4, 2012|last=Perkins|first=Tara|work=The Globe and Mail|access-date=August 16, 2013}} but several investors sued Talon, its principals and Trump for various claims, including recovery of their deposits, damages for loss of opportunity and consequential damages, negligent misrepresentation and conspiracy.{{cite news|last=O'Toole|first=Megan|date=November 23, 2012|title=Buyers at Toronto's Trump Tower say they were suckered into deals by an 'investment scheme and conspiracy'|url= http://news.nationalpost.com/news/canada/buyers-at-torontos-trump-tower-say-they-were-suckered-into-deals-by-an-investment-scheme-and-conspiracy|newspaper=National Post|location=Toronto|access-date=October 16, 2016}} Talon counter-sued the investors who did not pay the remaining purchase price by December 13, 2012.{{cite news|title=Trump Tower woes signal Toronto's condo market 'on thin ice'|url=http://business.financialpost.com/2012/12/26/trump-tower-torontos-condo-market/|first=Katia|last=Dmitrieva|agency=Bloomberg News|date=December 26, 2012|newspaper=National Post}} In July 2015, the Ontario Superior Court of Justice dismissed two test cases, while finding that income estimates for the project were "hypothetical" in nature,{{cite news|last=Kalinowski|first= Tess|date= October 13, 2016|title=Ontario appeal court ruling sides with Trump Tower investors|url=https://www.thestar.com/news/canada/2016/10/13/ontario-appeal-court-ruling-sides-with-trump-tower-investors.html|newspaper=Toronto Star|access-date=October 16, 2016}}{{cite CanLII|litigants=Singh v Trump|link=|year=2015|court=onsc|num=4461|date=July 10, 2015}} but the judgment was partially overturned in October 2016 at the Ontario Court of Appeal,{{cite CanLII|litigants=Singh v Trump|link=|year=2016|court=onca|num=747|date=October 13, 2016}} which held that:ONCA, par. 159
- an agreement that had not closed could be rescinded
- for an agreement that had closed, damages against Talon for negligent misrepresentation were available
- Trump, together with two of Talon's principals, could still be sued for other claims that had been improperly dismissed, including oppression, collusion and breach of fiduciary duties.
- a claim for fraudulent misrepresentation was remitted back to the Superior Court for determination
In 2017, the Supreme Court of Canada rejected the defendants' appeal from the ruling against them by the Ontario Court of Appeal.{{cite news |last=Da Silva |first=Chantal |author-link=Chantal Da Silva |date=March 10, 2017 |title=Canada's highest court upholds ruling that Donald Trump did mislead investors |newspaper=The Independent |url=https://www.independent.co.uk/news/world/americas/donald-trump-lawsuit-canada-court-approves-legal-case-against-us-president-a7623566.html |url-status=live |url-access=subscription |access-date=March 13, 2017 |archive-url=https://ghostarchive.org/archive/20220618/https://www.independent.co.uk/news/world/americas/donald-trump-lawsuit-canada-court-approves-legal-case-against-us-president-a7623566.html |archive-date=June 18, 2022}}
=Unfinished state=
In August 2013, close to six years after the start of construction, the building was incomplete. The "TRUMP" sign on the north side of the tower read "TRUM", and the public art feature Lightline was missing. The tower's spokesman, Dorenda McNeil, told media in May 2013 that "from our perspective, the building is not yet fully complete. We will turn it [the public art feature] on at the right opportunity". Because the light feature is a public art piece promised as part of the approval process for development, the City of Toronto grew impatient and considered commencing litigation.{{cite news|title=Why isn't Trump Tower's Lightline lit yet?|url=http://www.thegridto.com/culture/arts/trump-tower-lightline/|last=Topping|first=David|date=24 May 2013|work=The Grid|access-date=2013-08-16|archive-date=October 19, 2014|archive-url=https://web.archive.org/web/20141019182644/http://www.thegridto.com/culture/arts/trump-tower-lightline/}}
=Default by developer=
In October 2016, JCF Capital ULC (a private firm that had bought the construction loan on the building) announced that it was seeking court approval under the Bankruptcy and Insolvency Act to have the building sold in order to recoup its debt, which then totalled $301 million.{{cite news |last= Dmitrieva|first= Katia|date= October 27, 2016|title= Trump Hotel Toronto building set to be sold after developer defaults|url= http://business.financialpost.com/news/property-post/trump-hotel-toronto-building-set-to-be-sold-after-developer-defaults?__lsa=49a0-9e80|newspaper= Bloomberg News}}
The Ontario Superior Court of Justice approved the request to appoint a receiver on November 4, 2016.{{cite web|title=Judge OK's sale of Toronto's Trump hotel-condo tower|url=http://www.cbc.ca/news/business/trump-tower-toronto-1.3834368|website=CBC News|publisher=Canadian Broadcasting Corporation|access-date=November 4, 2016}} The court allowed for its auction{{cite web |url= http://cfcanada.fticonsulting.com/talon/docs/Sale%20Procedure%201112017.pdf|title= Sale Procedure|author= |date=January 4, 2017|publisher=FTI Consulting}} which took place in March 2017, but no bidders took part, other than one stalking horse offer.{{cite news |agency=Reuters |title=No bidders make offers to buy Trump tower in Toronto |url=https://www.theglobeandmail.com/report-on-business/no-bidders-make-offers-to-buy-trump-tower-in-toronto/article34215006/ |work=The Globe and Mail |date=March 6, 2017 |archive-url=https://web.archive.org/web/20170519011832/http://www.theglobeandmail.com/report-on-business/no-bidders-make-offers-to-buy-trump-tower-in-toronto/article34215006/ |archive-date=May 19, 2017 |df=mdy-all}}
=Name issues=
In December 2015, Josh Matlow, Toronto City Councillor for Ward 22, created a petition to rename the building, due to the controversial remarks made by Trump during the early phases of his presidential campaign. Matlow stated that renaming the building would allow Talon International Development to disassociate itself, and by extension, for Toronto to disassociate itself, from Trump and his remarks.{{Cite web|url=http://globalnews.ca/news/2387883/toronto-councillor-calls-for-trump-tower-to-ditch-fascist-namesake|title=Toronto councillor calls for Trump Tower to ditch 'fascist' namesake|work=Global News|last=Morales|first=Steve|date=December 8, 2015|access-date=December 8, 2015}} Following Trump's election, the site became the subject of protests against Trump, despite the fact that it was only branded with the Trump name under licence due to a management deal, and was not otherwise owned by him.
In March 2017, JCF Capital ULC (a joint venture between Juniper Capital Partners and Cowie Capital Partners)[https://www.newswire.ca/news-releases/innvest-hotels-acquires-landmark-65-story-luxury-hotel-in-downtown-toronto-from-jcf-capital-631558103.html "InnVest Hotels Acquires Landmark, 65-Story Luxury Hotel in Downtown Toronto from JCF Capital"]. www.newswire.ca. acquired the building, including 211 hotel units, 74 condo units and most of the commercial, retail and amenity space, for $298 million.{{cite news|title=Trump Organization to check out from Toronto hotel, condo tower|url=https://www.thestar.com/business/2017/06/27/trump-organization-to-check-out-from-toronto-hotel-condo-tower.html|website=The Toronto Star|date=June 27, 2017|access-date=June 27, 2017}} On June 27, 2017, JCF Capital reached an agreement to buy out the Trump Organization's management contract for the property, meaning that the hotel would drop the Trump branding. Bloomberg reported that the property was likely to be rebranded under Marriott International's St. Regis banner.{{Cite news|url=https://www.bloomberg.com/news/articles/2017-06-27/trump-hotel-owner-in-toronto-reaches-deal-to-remove-trump-brand|title=Trump's Company Gets Millions So Toronto Hotel Can Erase Brand|date=2017-06-27|work=Bloomberg.com|access-date=2017-06-27}}
On June 29, 2017, InnVest Hotels LP (a Toronto-based subsidiary of Bluesky Hotels and Resorts Inc., a Canadian private company backed by Hong Kong capital)[http://www.blueskyhotels.ca/ Bluesky Hotels and Resorts Inc.] acquired the hotel from JCF Capital for an undisclosed amount and announced that the 65-storey facility would receive a significant renovation and be renamed The St. Regis Toronto once the initial phases of the renovation were complete. Prior to the renovation and rebranding to St. Regis, Marriott International operated the property as The Adelaide Hotel Toronto on an unbranded basis.[https://beta.theglobeandmail.com/report-on-business/innvest-hotels-acquires-former-trump-tower-in-toronto/article35500514/ "InnVest Hotels acquires former Trump Tower in Toronto"], The Globe and Mail, 29 June 2017.
=Russian government connections=
The building and Shnaider have been named as key links in a financial connection between U.S. President Trump and the Russian government. According to some people who knew the transaction in 2017, a Russian-Canadian developer named Alexander Shnaider, who also one of the Trump's partners financed the hotel for its development after selling his company's share in a Ukrainian steelmaker for $850 million. The buyer, who financed by Vnesheconombank (VEB), have been described as "an entity acting for the Russian government." Trump quickly denied it and stated in February 2017 that there is "no person that I deal with
See also
References
{{Reflist}}
External links
{{Commons category|The St. Regis Toronto}}
- {{Official website|http://stregistoronto.com/}}
- {{usurped|1=[https://web.archive.org/web/20170717001213/http://www.311baystreet.com/ The Residences at the St. Regis Toronto]}}
- {{SkyscraperPage|6167|St. Regis Toronto Hotel and Residences}}
- {{Cite web|url=https://www.emporis.com/buildings/101437/the-st-regis-toronto-toronto-canada|archive-url=https://web.archive.org/web/20181012094427/https://www.emporis.com/buildings/101437/the-st-regis-toronto-toronto-canada|archive-date=2018-10-12|title=The St. Regis Toronto|url-status=usurped|work=Emporis}}
{{Toronto skyscrapers}}
{{Trump businesses}}
{{St. Regis Hotels & Resorts}}
{{DEFAULTSORT:St. Regis Toronto}}
Category:Condo hotels in Canada
Category:Eberhard Zeidler buildings
Category:Postmodern architecture in Canada
Category:Residential buildings completed in 2012
Category:Residential skyscrapers in Toronto
Category:Retail buildings in Canada
Category:Skyscraper hotels in Canada