Toronto St Regis Toronto Hotel and Residences | 281.93m | 58s | JFC Capital | Zeidler

Woodbridge_Heights said:
Sounds a lot like the 1 King W issues. Is the condo-hotel model flawed?
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There are differences between the various condo-hotel buildings - in reality two different condo-hotel models. In one version, the condominium units are all privately owned, and separate from the hotel bedrooms. The two entities (condo and hotel) may share amenities, and some of the hotel services (cleaning / maid services, restaurants and meal delivery) would be available to the condominium units, but that is as far as the daily interaction would typically go. A key factor is that the municipal property tax for privately owned condominium units is set at the normal residential property tax rate.

The other model has a number of the privately owned suites available as hotel guest bedrooms - managed, rented out, and serviced in full - including daily cleaning / maid service, by the Hotel. In such buildings, which include both the Trump and the One King West, the privately owned but rented out by the Hotel units are subject to the municipal commercial property tax rate. The impact of the higher tax rates has resulted in a number of such units not providing the anticipated investment unit returns. In addition, both Trump and One King West have experienced other issues specific to the respective buildings.

Examples of hotel - condominium buildings which to my knowledge do not have privately owned suites managed and rented out by their respective Hotel components would include the Shangri-La, the Ritz Carlton, Thompson Hotel / 550 Wellington West condominium and I believe the Soho Metropolitan - none of which have experienced some of the issues which have plagued Trump and One King West.

So - really there are two condo-hotel models, with a big difference being whether or not the complex included privately owned but hotel managed and rented out suites (which are taxed at the commercial property tax rate) or whether the privately owned suites are all owner occupied, or in the case of rental units, rented out directly by the owners.
 
Something going on up top earlier today:

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42, A great photo of the top of the Trump and its "onion dome". I'll put on my hard hat and rain coat now as I assert that this top is the best piece of architecture in Toronto from
at least the last half century!
 
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