Trump Toronto Gets $310mil Construction Financing
MARCH 23, 2007. Toronto's Talon International Development Inc. announced today that an agreement has been reached with international bank Raiffeisen Zentralbank osterreich AG (RZB) to arrange $310-million in construction financing for the developer's five-star Trump International Hotel & Tower, Toronto. Construction of Canada's first Trump Tower is scheduled to begin later this year.
"This is a very exciting time for the entire Trump Toronto team," said Talon Chairman Alex Shnaider. "Today's announcement represents the fulfillment of our vision to build the finest hotel and residential condominiums in the marketplace."
"My partners and I are very pleased to have our financing arrangements completed and we look forward to developing one of the most luxurious Trump buildings we have ever built," stated Donald J. Trump. "I look forward to starting construction on this great project very soon."
Mr. Shnaider believes the universal appeal of the Trump brand and the Trump Toronto team's global business experience has contributed greatly to the success of the project - including the ability to attract a leading multi-national commercial financing partner.
"With over $250-million in pre-construction sales from buyers world-wide, Trump Toronto is truly an international success story," said Mr. Shnaider. "I am very pleased that we were able to leverage our international business interests to secure construction financing with an exceptional European financial institution like RZB."
Raiffeisen Zentralbank osterreich AG (RZB) is the third largest bank in Austria and one of the country's leading commercial and investment banks. RZB's strong involvement in Central and Eastern Europe (CEE), its exceptional growth and outstanding appeal to customers have made it one of the top players in the region.
"We are delighted to be involved in the financing of this historic and dynamic project and are extremely pleased to continue our long-standing relationship with both Mr. Shnaider and Midland Group," said Karl Sevelda, Member of the RZB board.
Located in the heart of Toronto's financial and entertainment districts, the $500-million Trump International Hotel & Tower, Toronto will be one of the tallest and most luxurious buildings in Canada when completed.
Remaining hotel condominium suites are currently priced from CAD $800,000 and residential suites start at CAD $1.8 million.
About the Development
Trump International Hotel & Tower, Toronto, is a joint venture between Donald J. Trump and Talon International Development Inc. Located at the southeast corner of Bay and Adelaide, the Tower represents the epitome of high-end luxury living and features the only five-star hotel condominiums available for purchase in Toronto. The building was designed by the Toronto-based firm Zeidler Partnership Architects.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
