A Toronto hotel owner has reached a deal with the Trump Organization to remove President Donald Trump’s name from the building.
The deal, several outlets including Bloomberg and the New York Times reported Tuesday, will strip Trump’s name from what is still, at least for now, the Trump International Hotel and Tower in Toronto.
Bloomberg reported that Marriott International Inc.’s St. Regis brand was expected to become the hotel’s new operator, taking Trump’s place.
JCF Capital, the building’s new owner, told the Times in a statement that the Trump organization had been “exceptional partners, and we hope to have the pleasure of working with the Trump Organization again in the future.” Trump Hotels’ chief executive, Eric Danziger, added to the Times: “We are pleased to have reached this agreement with JCF and have enjoyed our relationship with them as the new owners of this property.”
Bloomberg cited one unnamed person with knowledge of the matter who claimed that the Trump Organization will receive at least $6 million for the name change.
In November, three New York City apartment buildings removed Trump’s name after hundreds of residents demanded the change.
Trump never held an ownership stake in the Toronto building. However, it reportedly could be on the radars of federal investigators looking into Russian meddling in the 2016 election.
The Wall Street Journal noted on May 17 that Trump’s business partner, Alexander Shnaider, had received hundreds of millions of dollars from the Russian state-run bank Vnesheconombank in 2010 for a separate deal, which he then injected into the hotel project.
