Toronto Hotel To Drop Trump Name
by Jessica Montevago
File source: http://commons.wikimedia.org/wiki/File:Trump_Toronto_entrance_at_night.JPG
The Trump International Hotel and Tower in downtown Toronto will be reflagged after the project’s owner reached a deal with Trump Hotels to buy out its management contracts for an undisclosed amount.
JCF Capital ULC, which bought the tower earlier this year, did not say who would take over the management and branding of the building when they announced the buyout Tuesday. However, Reuters reported Marriott International’s St. Regis brand is the lead bidder to take over the contract for the site.
Since opening in 2012, the 65-story building has struggled with occupancy rates with less than half of the tower’s residential condos sold. The hotel’s original developer, Talon International Development, defaulted on a 2007 loan and then struggled to sell the property.
The Trump name could be removed from the building as soon as Aug. 1, according to Bloomberg.
