Toronto’s Trump International Hotel & Tower will likely get a new name since The Trump Organization’s hotel unit has agreed on a buyout deal in which the Toronto hotel complex will no longer be obligated to use the Trump brand name.
San Diego investment firm JCF Capital ULC says it will buy out the management contracts for the property for an undisclosed amount.
Back in March, it was reported that an Ontario judge approved the sale of the Trump-branded Toronto hotel and condo tower for $298 million Canadian (US$223 million) to its main debt holder, JCF Capital, after no other bids were submitted.
It was reported that “The Trump Organization had a business relationship with developer Alex Schnaider, a Russian-born billionaire who built the tower, which went into receivership last year. Schnaider’s company, Talon International, defaulted on a loan from an Austrian bank, which sold the loan to JCF Capital.”
The story became fodder for mainstream news outlets who were eager to tie Trump in with Russia, beginning with a report in the Wall Street Journal, which we reported on in the middle of May.
Bloomberg published a report on Tuesday that cited an unnamed source “who asked not to be identified discussing confidential details” who said that the buyout amount was at least $6 million, and Trump signs could be taken down from the 65-story tower as soon as Aug. 1.
In other words, don’t trust this person’s account, because they are clearly not trustworthy.
More unnamed sources said that the hotel will probably be operated under Marriott International Inc.’s St. Regis brand.
The property has a troubled history of construction delays and lawsuits, and lately, it’s been the scene of protests against the media’s portrayal of President Trump as a racist and a misogynist.
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