Wednesday, 22 November, 2017

Trump Tower Toronto to stop using Trump name and property management deal

Trump name will be taken off Toronto tower Toronto Trump hotel owner strikes deal to remove president's name from the building
Juana Turner | 28 June, 2017, 01:30

Come August 1, the Trump name will come down from the second-tallest skyscraper in Canada.

A Trump-branded luxury hotel and residential tower in Canada's largest city - a target of recurring protests over the US president's policies - will be stripped of its name, its new owners announced Tuesday.

The tower, which opened in 2012 after construction delays, has had a troubled history, including lawsuits from unhappy investors and has also been the scene of several protests against President Trump's policies and statements.

JCF Capital ULC earlier this year bought units in the 65-story Trump International Hotel & Tower that were not owned by individuals in a court-run sale.

And that was before Donald Trump became U.S. President and anti-Trump protesters started demonstrating outside some of his hotel sites.

The hotel will likely be operated under Marriott International's St. Regis brand, people familiar with the plan said earlier this month.

"We are pleased to have reached this agreement with JCF and have enjoyed our relationship with them as the new owners of this property", Trump Hotels CEO Eric Danziger said in the statement, CBC reports.

JCF Capital confirmed to BuzzFeed News that the hotel will be rebranded, but could not provide a date for when that might happen.

As Mr. Shnaider was developing the property, he tried to sell hotel rooms and condos to investors.

JCF, a joint venture between two private real estate investment firms, would not comment on when Mr. Trump's name would be removed.

The rebranding initiative comes after the hotel's original developer, Talon International Development, defaulted on a 2007 loan, and then struggled to sell the property.

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