Real estate mogul Donald Trump was in Toronto Monday to officially open a 65-storey luxury tower near the heart of the city's financial district.

The 900-foot Trump International Hotel and Tower, at 325 Bay St. just north of King Street, is part hotel and part condominium building. It has 261 hotel rooms and 188 condo units.

There was much pomp and circumstance at the ribbon-cutting event, as Trump was piped in by a bagpiper and greeted by Mayor Rob Ford.

"This city is booming and we know that people come to this incredible hotel, which is also Canada's tallest residential building," said Ford during an opening speech.

Trump called the tower one of his finest buildings, something that turned out even better than he thought it would.

"It's got not only a change to the skyline, but it's got a change in quality," Trump told reporters. "We've got a level of quality, the likes of which few places have ever seen."

Speaking to Canada AM, Trump said he loves Toronto and has many friends here -- but something was missing.

"It really needed something like Trump International, it really needed what we built, so we're very happy about that," Trump said.

Trump also had three of his children with him at the ribbon cutting: Ivanka, Eric, and Donald Jr.

Trump broke the ground on the tower in 2007.

It has been open to the public since January 31, 2012.

With files from CTV Toronto's Collin D'Mello