Hey, Would You Like To Buy a Trump Tower, Cheap?

Discussion in 'Politics, Religion, Social Issues' started by Huntn, Nov 3, 2016.

  1. Huntn macrumors G5

    Huntn

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    #1
    Trust is equal opportunity: Someone who owns a tower with the Trump name on it just went bust, note a Russian born financier involved.

    A Trump Tower Just Went Bust in Canada
    The failure this week of Trump Toronto showcased a familiar scenario: big promises, glitzy image, a Russian-born financier, aggrieved smaller investors – but few losses for the mogul himself.

    ...Trust has big plans for the U.S.
     
  2. zin macrumors 6502

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    #2
    Near the start of the article:

    Further down:

    Politico showing its journalistic talent again.
     
  3. Mac'nCheese macrumors 68030

    Mac'nCheese

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    #3
    But his Brand is supposed to be golden! How did anything with his name on it fail, why did he let it fail?
     
  4. Huntn thread starter macrumors G5

    Huntn

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    #4
    IT's RIGGED? :p
     
  5. rdowns macrumors Penryn

    rdowns

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    #5
    Wow, he'll let anyone buy his name to put on a building. Sad.
     
  6. DrewDaHilp1 macrumors 6502a

    DrewDaHilp1

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    All Your Memes Are Belong to US
  7. Huntn thread starter macrumors G5

    Huntn

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    #7
    The new name was revealed Mud Tower.
     
  8. LizKat macrumors 68040

    LizKat

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    #8
    It does read like pretty much like a hatchet job, that's true. I mean it has plenty of facts in it, just not all of them are particularly relevant to the story of the Trump Tower in Toronto. Not that there's anything wrong with a nice hatchet job. :D

    Still it's larded with enough allusions to other events and names to make a great movie for political junkies. Not exactly the Primary Colors of 2016 but could be fun to watch if only a real Donald Trump were not actually running for President... :rolleyes:
     
  9. Zombie Acorn macrumors 65816

    Zombie Acorn

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    #9
    Trump tower has been having issues from the start. It's price is too high and there are better hotels in the area.
     
  10. ibookg409 Suspended

    ibookg409

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    #10
    I don't get this. Franchises fail all the time. Starbucks is a big profitable company, but several Starbucks locations near me have closed and gone under. Others have opened and thrived.
     
  11. jnpy!$4g3cwk macrumors 65816

    jnpy!$4g3cwk

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    #11
    New hotels often go bust. Better to be the second or third owner. I wonder how much it will cost to get rid of the sign and all the Trump-branded stuff.
     
  12. Eraserhead macrumors G4

    Eraserhead

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    #12
    One Starbucks is cheap compared to a Trump tower.
     
  13. A.Goldberg macrumors 68000

    A.Goldberg

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    #13
    Ehhh... Trump has a number of buildings, even in NYC, that he does not own but wear his name. Real estate projects like many business deals often fall through.
     
  14. Huntn thread starter macrumors G5

    Huntn

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    #14
    I might have disagreed with your characterization of the story, thinking hatchet job meant a story unfair, misleading or false, but I looked it up and it only means a fierce attack, at least the definition I found. As whether it is fierce or not might depend on how accurately it describes events. It could be just accurate reporting. :)

    Among many things, there are references about how this hotel managed by Trust's organization underperformed compared to the other hotels around it and how middle investors who invested in "Trump" name, whether it was his university or subcontractors not being paid, or all the peons (his imagined descriptor) who lost their jobs in a Trump failed property all had a similiar theme, although this is my characterization. The myth that Trump is a frick'n business genius has to be a bitter pill to lots of people on the receiving end who willingly bent over so Trust could have his way with them, with the promise of a rainbow on the other side, not a sore bottom.. Now that's an hatchet job fierce attack accurate story. :D I focused on:

    Still, the saga of the property’s glittering rise and rapid fall is classic Trump, featuring a tsunami of litigation and bitterness, money with a Russian accent, and a financial wreck that probably won’t hit its namesake particularly hard.

    The project also faced lawsuits filed by middle-class investors who claim they were suckered into buying time-share-style units in the hotel with wildly overstated projections of Trump Toronto’s performance.

    Even before the bankruptcy, the Trump Organization was already mired in litigation over management issues with the project’s owner.

    A Russian-born billionaire who got rich in Ukraine’s steel industry, controls the firm that’s in default.

    And one insider familiar with the bankruptcy proceedings said that local rivals in the luxury condo and hotel market, notably the Four Seasons and the Ritz Carlton, have dramatically outcompeted the Trump property. Court documents show that even though investors in the hotel units were told the “worst case scenario” for occupancy rates would be 55%, they’ve ranged between 15% and 45%. The average room rate, despite the snazzy crystal sconces and in-mirror bathroom TVs and floor-to-ceiling windows overlooking Lake Ontario, has been nearly $100 below the initial projections.

    The whole business model has been overpromise and underdeliver, and it’s Trump’s name on the thing,” the insider said. “You can’t put all the blame on him and his people. But if they did a terrific job, do you think it would be in bankruptcy?”

     
  15. steve knight macrumors 68020

    steve knight

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    #15
    At least Starbucks makes a profit.
     
  16. Huntn thread starter macrumors G5

    Huntn

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    #16
    His company managed the failed property which consistently underperformed its competitors. There is evidence with his latest project, the Old Post Office in DC of a similiar pattern, he overbid for the property, his competitors for that property complained that the price he paid was unrealistically high putting it's success in doubt from the beginning, Chefs for two restaurants walked out, and it has seriously underperformed it's competition since opening in downtown DC. Now is this bad management, poor business relationships, unrealistic expectations, the general toxicity of the Trump name, or all of the above?
     
  17. LizKat macrumors 68040

    LizKat

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    #17
    Ok look. I liked that piece so don’t get me wrong but here’s a 101 on hatchet jobs. It's less about accuracy than about emphasis and inclusion of "color" (bits that make it more fun to read).

    Take this clip:

    Even before the bankruptcy, the Trump Organization was already mired in litigation over management issues with the project’s owner, Talon International—led by Alex Shnaider, the steel magnate who is perhaps better known for buying a Formula One racing team and hiring Justin Bieber to sing at his daughter’s Sweet Sixteen.

    A more staid paper (back when we had any) might have put it this way

    Even before the bankruptcy, the Trump Organization was already mired in litigation over management issues with the project’s owner, Talon International—led by Alex Shnaider, a steel magnate.


    And take this one:

    These problems were already simmering when Trump --along with his children Eric,
    Donald Jr. and Ivanka, who oversees his worldwide hotel operations-- stepped out
    of a Cadillac Escalade for the hotel’s ribbon-cutting in April 2012. There are snippets
    of the event on YouTube, where you can see Trump smiling dutifully as he congratulates hotel staffers, accepting a Maple Leafs jersey with his name on the back, and watching
    a speech by Toronto’s late mayor, Rob Ford, who would later become a household name after a crack-smoking scandal.

    How about keeping it simple:

    These problems were already simmering at the time of the hotel’s ribbon-cutting in
    April 2012. There are snippets of the event on YouTube, where you can see Trump
    smiling dutifully as he congratulates hotel staffers, accepting a Maple Leafs jersey
    with his name on the back, and watching a speech by Toronto’s late mayor, Rob Ford.

    Or even simpler:

    These problems were already simmering at the time of the hotel’s ribbon-cutting
    in April 2012.

    I mean that last one could have been just tacked into a previous paragraph...

    See it depends on whether you want to set up a target and decorate it, or just report a bankruptcy. And it depends (to some extent, nowadays, sigh) where you're running the piece.

    Putting in extraneous references (dare I say keywords) to the likes of Justin Bieber and the late Rob Ford, what is that about anyway, search engine optimization or just journalistic color? You be the judge.

    I liked the story but then that’s because I think Trump’s a schmuck and the piece didn’t try to disabuse me of my opinion. If I were a Trump fan I’d be looking up Politico’s tweet of the piece (and there is one ) and retweeting it to all my friends of like minded Trump fandom about how Politico went out of its way to tarnish my good buddy Donald. Which of course doesn’t hurt Politico’s bottom line one bit. Probably covers their house counsel’s last two expense reports.

    Good hatchet jobs can draw very well. Look up “hatchet job literary review” in your favorite search engine sometime: each of any of the notorious reviews you’ll turn up (there are even lists of the worst/best of them!) ends up cited in dozens or hundreds of blogs each and each of those blogs has the same set of little ads at the bottom or alongside the text or underneath the list of other blogs that blogger likes. And we wonder how things “go viral” sometimes LOL. What really goes viral is the click rate on additional click bait once someone clicks through to the original piece.
     
  18. A.Goldberg macrumors 68000

    A.Goldberg

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    #18
    I never said Trump was the real estate genius he claims to be. All I said property deals go bad frequently.

    If you look at less politically sites and financially oriented sites you will see the other side of the story. Talon, the developer of Trump Vancouver (and linked with our Russian investors) has been charging its residents absorbanant fees as a result of being years late and significant over budget on their project. In the lawsuits that have taken place, Talon has been found guilty of misrepresenting the properties. Reports also say most tenants would prefer Trump to continue managing the property.
     
  19. MadeTheSwitch macrumors 6502a

    MadeTheSwitch

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    #19
    It wouldn't be an issue at all if Trump didn't brag about how successful he was and characterize himself as having no failures. He has crafted his image on a mythical record of perfection. It's unrealistic, yet that is what he has crafted. So when something actually does fail, it cracks that bubble and Trump has to spin it into something else.
     

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