JCF Capital, a hotel company that owns Trump International Hotel & Tower in Toronto, will pay President Donald Trump’s company millions to remove his branding from its property.
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To break its contract with The Trump Organization’s hotel unit, JCF Capital will fork over at least $6M in a buyout deal, Bloomberg reports. The hotelier bought the 65-story hotel in Toronto’s downtown business district last year from Talon International. Talon struggled to unload the property this year after defaulting on its 2007 loan. The property was turned over to JCF, the project’s main debt-holder, after no nibbles came through. JCF bought the $301M owed on the tower’s construction loan last fall.
The hotel has been a go-to site for protestors opposing the U.S. president’s controversial comments about immigration, people of the Muslim faith and women. The hotel, which consists of 211 rooms, 74 residential units and retail (including a spa, a bar and a restaurant), will undergo a renovation of sorts, of which the removal of Trump’s signage is the first step, Bloomberg reports.
The company estimates the signage will be removed by Aug. 1, likely falling under a Marriott International St. Regis banner, people familiar with the matter told Bloomberg anonymously.
