Excerpt from Globe and Mail
The Trump International Hotel and Tower in downtown Toronto will soon lose the President’s name, as the luxury property is rebranded only five years after opening its doors.
The owner of the Trump Hotel, JCF Capital ULC, announced a deal on Tuesday to buy out the Trump Organization’s management contracts for an undisclosed amount.
The deal closes a chapter in the troubled story of Toronto’s Trump Hotel. The 65-storey hotel and condo in the heart of Canada’s financial district has been plagued with problems, starting with slow construction, a delayed opening, financial woes, investor lawsuits and bad press.
And that was before Donald Trump became U.S. President and anti-Trump protesters started demonstrating outside some of his hotel sites.
Conceived when Toronto had only a few luxury hotels, the Trump-branded hotel was supposed to be a sure thing. But by the time it opened in 2012, it would face increased competition from other high-end hotels, such as Ritz-Carlton, Shangri-La and Four Seasons.
Mr. Trump never owned the hotel, but he licensed his name and managed the property through his family’s company Trump Hotels, which is now being run by his two eldest sons.
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