The U.S. company that owns the Trump International Hotel & Tower in Toronto will pay President Trump’s business millions of dollars for the right not to use the Trump name on the hotel, Bloomberg News reported.
JCF Capital ULC reportedly paid at least $6 million to escape from having to use the Trump name, although a joint statement did not disclose the exact amount.
“Collectively, Donald Trump Jr., Eric Trump, Eric Danziger and their team have been exceptional partners and we hope to have the pleasure of working with the Trump Organization again in the future,” said Jay Wolf, President of JCF Capital in the statement.
Trump Hotel signage may come down as early as August 1, and sources familiar with the situation told Bloomberg that the hotel will likely become one of Marriott International Inc.’s St. Regis brands.
JCF Capital purchased the property from former owner Talon International in 2016 and had been in talks with the Trump Organization and other hotel chains since the purchase.
Eric Danziger, CEO of Trump Hotels, said in a statement that they “look forward to the possibility of exploring other opportunities with JCF in the near future.”
