Donald Trump’s business will be paid millions of dollars to release the owner of a Toronto hotel complex from using his name.
JCF Capital ULC, the closely held U.S. firm that owns the Trump International Hotel & Tower in the city’s downtown business district, reached a buyout deal to exit the contracts with the Trump Organization’s hotel unit, the companies said Tuesday in a statement. While no breakup fee was disclosed, the amount was at least $6 million, according to a person with knowledge of the matter. Signage may be removed from the 65-story tower as soon as Aug. 1, said the person, who asked not to be identified discussing confidential details.
The hotel will likely be operated under Marriott International Inc.’s St. Regis brand, people familiar with the plan said earlier this month.
The agreement to remove the the U.S. president’s brand marks the first step toward revamping the property, which has faced a history of construction delays and lawsuits. Most recently, it’s been a site for protests against the Trump’s comments disparaging women, Mexicans and Muslims, even though his company has no ownership stake in the property.