U.S. business magnate Donald Trump and his family were in Vancouver on Wednesday to announce the details of an exclusive deal to build the city's first Trump Tower, complete with a luxury hotel run by the famous family.
Trump, along with sons Donald and Eric, and daughter Ivanka, licensed the Trump brand to Vancouver developers Holborn and TA Global for the 63-storey tower on West Georgia Street designed by Arthur-Erickson.
Trump said his company will design the interior of the hotel and operate it. The luxury development will include 218 residences on the upper floors and a 147-room hotel on the lower floors, complete with Vancouver's first pool bar nightclub, and a 1927 Palm Beach-themed spa by Ivanka Trump.
"When looking at expanding our portfolio, we felt this was a market that held great potential for our brand," said Trump.
"As we continue to grow globally, our goal is align ourselves with the best opportunities — and we know the Trump International Hotel and Tower Vancouver will be like no other hotel and residential offering," said the real estate mogul and reality TV star.
"I love Vancouver. I have had so much experience with Vancouver and with people who live here. You don't even realize how important it is in terms of a destination and also your people they go to New York, they go all over the world and they speak so highly," he added.
Residences in the tower are due to go on sale in October and the project is expected to be completed by 2016, making Vancouver's the second Trump Tower in Canada after Toronto.
Stalled project revived
The CBC learned of the relationship between the Trumps and the Holborn Group back in February, when it discovered the developers were rebranding their Arthur Erickson inspired, twisting tower with luxury condos.
When the project was originally launched before the global economic meltdown, the 60-storey tower, which will twist 45 degrees as it rises, was to feature a high-end Ritz-Carlton hotel on the lower floors.
Another 123 luxury condos were planned for the upper floors, priced between $2.5 million and $10 million, with the penthouse priced at $28 million.
But when the recession hit in 2008 the luxury market collapsed. The project was halted and early buyers were refunded their money.