The raging pandemic has finally hit closer to Donald Trump’s business operations. TA Hotel Management Ltd Partnership (TAHMLP) that oversees the day-to-day operations of Vancouver's Trump International Hotel has announced that is bankrupt.
As a result, the hotel, too, will be permanently shut down. The company announcing its decision to file for bankruptcy said that it had been incurring significant financial and revenue losses on account of the ongoing Covid-19 pandemic since March when it had to shut down the hotel briefly while Canada tried to return to normalcy.
Trump International Hotel shuts shop in Vancouver
The official statement of the company noted, “Its ongoing expenses since the outbreak of COVID-19 and lack of revenue has placed TAHMLP into a position of insolvency”.
Regarding its immediate closure, the company also conveyed a formal intimation to its staff. In it, it mentioned, “This letter constitutes notice that your employment with TA Hotel Management Limited Partnership and/or TA Hotel GP Ltd.
is terminated effective August 27, 2020 (the “termination date”) as a result of these bankruptcy proceedings. All salary, benefits, and other entitlements will cease as of the termination date”. The letter also furnished details as to the procedures the employees needed to follow in order to claim their dues from the company.
The company’s assets are valued at about $1.1 million (Canadian dollars) and its debts are placed at about $4.79 million (Canadian dollars). The company’s creditors are expected to meet on 16th September, and Grant Thornton Ltd will oversee the bankruptcy proceedings as the legally appointed trustee.
The company has steadily been on a downward trend and back in 2019, the company’s numbers had declined by as much as four per cent following a reduction in its food and drinks’ sales numbers. TA Hotel Management Ltd Partnership is a subsidiary of the Malaysian company TA Global Bhd.
It has been running operations at the Trump International Hotel since 2017 when the Hotel opened for business. The hotel’s name was licensed by Vancouver-located firm Holborn Group as back as in 2013. When the hotel opened for business in 2017, it was at the receiving end of protests against the man lending it its name: the United States president, Donald Trump.