The Trump International Hotel & Tower in Toronto will no longer be branded with US President Donald Trump's name under a deal struck with the owner of the property.
JCF Capital ULC, the closely held U.S. firm that owns the building in the city’s downtown business district, reached a buyout deal to exit the contracts with the Trump Organization’s hotel and management firms early, the companies said Tuesday in a statement. Signage may be removed from the 65-story tower as soon as Aug. 1, according to a person with knowledge of the matter. No breakup fee was disclosed.
The hotel will likely be operated under Marriott International’s St. Regis brand, people familiar with the plan said earlier this month.
The agreement to remove the Trump brand marks the first step toward revamping the property, which has faced a history of construction delays and lawsuits. Most recently, it’s been a site for protests against the US president’s comments disparaging women, Mexicans, and Muslims, even though his company has no ownership stake in the property.
JCF Capital acquired the tower with the Trump brand and agreements in place last year from former owner Talon International Development Corp., the developer run by Russian-Canadian billionaire Alex Shnaider. Since then, JCF has been in talks with hotel chains and the Trump Organization to finalise an operating plan.
News by Bloomberg, edited by Hospitality Ireland