News Worms
News Worms


Trump Tower Toronto to stop using Trump name and property management deal

Trump Tower Toronto to stop using Trump name and property management deal

President Trump's name is being removed from the Trump International Hotel & Tower in Toronto, Bloomberg reported Tuesday.

JCF Capital ULC did not say if it had reached a deal with another group to take over the management and branding of the 65-story Trump International Hotel & Tower in the city's financial district.

U.S. President Donald Trump never owned the project, but his company had signed a long-term branding and management deal with the building's developer, Talon International Development Inc, which defaulted on its construction loan a year ago.

The entrance to the Trump International Hotel and Tower is shown in Toronto, Wednesday, Dec.9, 2015.

The building and another one elsewhere in Vancouver, British Columbia, have become popular gathering spots to protest USA policies. But he ran into trouble when he was unable to sell all his inventory.

The rebranding is likely a business move as Trump's brand was probably hurting demand, said Pankaj Aggarwal, a marketing professor at the University of Toronto-Scarborough, adding that the tower's Canadian location adds to the case. It was then owned by Talon International, which defaulted on the loan, leading to the sale of the building to JCF. In March of this year, JCF bought the hotel through a court-approved process.

The US firm is a joint venture between Juniper Capital Partners LLC and Cowie Capital Partners Inc.

Toronto's Trump International Hotel and Tower will soon no longer bear the Trump name, a change experts say is likely the result of the USA president alienating customers who disagree with his politics.

Marriott did not respond to a request for comment. The chain also manages eight hotels in the United States, as well as properties in Scotland and Panama.

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