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VANCOUVER: Malaysia-based TA Global Bhd unit
which operates the Trump International Hotel in Vancouver said on Friday it has filed for bankruptcy, blaming the coronavirus pandemic for lost income and financial difficulties.
TA Hotel Management Ltd Partnership (TAHMLP), a unit of TA Global Bhd based in Malaysia, said the temporary closure since March due to COVID-19 affected the hotel’s business.
Vancouver-based developer Holborn Group, which owns the tower, licensed the Trump name for the project under a 2013 agreement. The 69-story luxury hotel in downtown Vancouver opened in 2017 amid protests against the president of the United States, Donald Trump.
“Its ongoing expenses since the COVID-19 outbreak and lack of revenue have placed TAHMLP in a position of insolvency,” said a statement on the company’s website.
Documents filed in Canada on Thursday showed that TA Hotel Management Ltd Partnership owes C $ 4.79 million ($ 3.66 million) and has total assets of C $ 1.1 million. TA Hotel Management leased the hotel premises and operated it, according to the statement.
In 2019, hotel revenue fell 4% due to a decline in food and beverage sales, according to TA Hotel Management’s annual report.
TA Global Bhd and Holborn Group did not respond to requests for comment.
Grant Thornton Ltd has been appointed Trustee. A meeting of creditors will take place on September 16.
($ 1 = 1.3091 Canadian dollars)
– Reuters
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