The Trump International Hotel and Tower Toronto opened its doors to the public for the first time Tuesday, championing itself as the tallest residential building in the city.

Those looking to spend a night in the luxury 65-storey hotel can expect to cough up about $400 a night or $20,000 for a night in a 4,000-sq. ft. presidential suite.

About 60 per cent of the tower's condos have been sold. The remaining units are listed on the market between $2.3- and $6.3-million.

The opening of the $500-million hotel comes after about two years of delays.

The hotel was slated to open in 2009 but was delayed because of design issues.

Business mogul Donald Trump, a minority shareholder who lent his name to the project, told CP24 Tuesday that Toronto needed a great hotel with international recognition.

"It will be known around the world as one of the great hotels," he said. "The Chicago hotel is considered one of the best and this one could top it. It really is luxurious and spectacular."

Trump pointed to the hotel's two-storey spa, the building's architecture and the detail in the interior design as the factors that will give the tower an edge over Toronto's other top-luxury hotels.

"Money was not an object in this case," he said.

When Trump was asked if the hotel's luxury and prices were a bit steep for a burdened economy, he said he is confident in his business decisions.

"I haven't made too many wrong moves," he said. "This is something great for Toronto. People of Toronto will hopefully be saying thank you."