In Toronto sold "skyscraper" trump


The Trump International Hotel and Tower in Toronto will soon drop the president's name after the building owner struck a deal to buy out Trump Hotels from the management of the property.

The amount of the deal was not disclosed.

Donald Trump's business will be paid millions of dollars to release the owner of a Toronto hotel complex from using his name.

Trump's hotels in both the US and Canada have been used as sites to protest the president.

Bloomberg reports that the building was bought by the company JCF Capital ULC, firm, closely associated with the United States.

Come August 1, the Trump name will come down from the second-tallest skyscraper in Canada.

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Representatives of both companies say their relationship has been good and they may work again together in the future.

Since its opening, Talon had sold less than half of the tower's residential condos, and the hotel's occupancy rates have been lower than some investors in the rooms had hoped.

Sources told Reuters earlier in June that Marriott International Inc's St. Regis brand is the lead bidder to take over the tower's brand and management rights, with one saying at the time that the Trump Organization had agreed to sever its connections.

Trump's brand was fairly straightforward as long as the only association customers had was "luxury, excellence and all the glamour", said Gabor Forgacs, an associate professor at the Ted Rogers School of hospitality and tourism management at Toronto's Ryerson University.

The project in the city's financial district was developed by Talon International Inc and has been beset by legal troubles for years.