Come August 1, the Trump name will come down from the second-tallest skyscraper in Canada.
That’s when the Trump International Hotel & Tower in Toronto changes hands from the Trump Organization to JCF Capital, which recently bought out the 65-story property’s licensing deal for an undisclosed sum, according to The Hollywood Reporter.
Opened in 2012, the hotel in recent years has been a fixture of the Toronto International Film Festival party scene, THR said, although it saw a dip in business from boycotts after Donald Trump jumped into the presidential race in June 2015.
Earlier this month, Reuters reported that management of hotel is likely to fall to Marriott International’s St. Regis brand.
Of course the Trump Organization never owned the property, instead it entered a licensing deal for use of the Trump name. JCF Capital scooped up the property in a bankruptcy sale in March for a little shy of $300 million, the Associated Press reported at the time.
The hotel’s original owner, Talon International, has been the subject of lawsuits from condo investors who lost money on the enterprise, the AP said. In March, the Supreme Court of Canada upheld an earlier ruling that Talon had misled investors, the McClatchy news service reported at the time.
According to McClatchy, Mitchell Wine, an attorney for two aggrieved Canadian investors in the Trump Toronto property, said that he may aim fire at the Trump Organization in the future if he fails to reach a settlement with Talon.
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