The new owner of the Trump International Hotel and Tower in Toronto has reached a deal that will result in the U.S. president’s surname being removed from the 63-story property. JCF Capital, which bought the tower in March for $225 million, says it has reached an agreement with a unit of the Trump Organization to buy out the management contracts for the property for an undisclosed amount.
The two parties issued a release on the deal, but offered no details on the future of the property. However, according to some local news reports, it could wind up bearing Marriott Intl.’s luxury St. Regis brand.
While President Trump never owned the building, his Trump Organization licensed his name to it and operated the property. According to published reports, the complex has struggled financially and been the focus of a long-running legal battle since opening in 2012. In addition, in recent months, the Toronto and Vancouver, British Columbia, properties bearing the Trump brand have been the target of protesters angry about the president’s policies.
Such controversies notwithstanding, in the news release on the deal, JCF president Jay Wolf praised Trump Organization executives Donald Trump Jr., Eric Trump, Eric Danziger and their team as being “exceptional partners and we hope to have the pleasure of working with again in the future.”
In the same release, Trump Hotels ceo Danziger said: “We are pleased to have reached this agreement with JCF and have enjoyed our relationship with them as the new owners of this property. This was a record setting year for the hotel and we are incredibly proud of our performance. We look forward to the possibility of exploring other opportunities with JCF in the near future.”