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Trump organization ends management of Toronto tower

Trump organization ends management of Toronto tower

The Trump Organization stands to earn least least $6 million in the deal, according to a person with knowledge of the matter, Bloomberg reported.

Trump-branded properties, including a recently opened tower in Vancouver, have been the target of protesters angry about the US president's policies.

Trump Hotels and JCF Capital, which has owned the building since late 2016, announced Tuesday that they were ending their contract.

The building and another one elsewhere in Vancouver, British Columbia, have become popular gathering spots to protest USA policies.

In 2015, Toronto City Councillor Josh Matlow asked that the Trump name be dropped, calling Trump a "fascist".

As Mr. Shnaider was developing the property, he tried to sell hotel rooms and condos to investors. Some investors sued Talon for misrepresenting the investments.

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JCF Capital acquired the tower with the Trump brand and agreements in place previous year from former owner Talon International, the developer run by Russian-Canadian billionaire Alex Shnaider.

The rebranding initiative comes after the hotel's original developer, Talon International Development, defaulted on a 2007 loan, and then struggled to sell the property.

The amount of the name-changing deal was not disclosed, but a person with knowledge of the matter told Bloomberg that the amount was at least $6 million and signage may be removed from the hotel as soon as August 1.

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

"Despite all the noise around that hotel, not to mention the fact that will people stay at the Trump hotel with the President's name tied to it, it is still performing well and I think it can perform better", he said.

Marriott did not respond to a request for comment. "This was a record-setting year for the hotel and we are incredibly proud of our performance". The chain also manages eight hotels in the United States, as well as properties in Scotland and Panama.

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