TORONTO — President Trump’s brand will no longer tower over Toronto.
Under
a deal announced on Tuesday, the new owner of the 65-story Trump
International Hotel and Tower, a troubled property that had become the
scene of occasional anti-Trump protests in Canada’s largest city, will
erase the president’s name from the building.
In
a statement, the new owner, JCF Capital, said it had reached an
agreement for an undisclosed amount to end the Trump Organization’s
contract to manage the hotel and condominium complex. Both sides sought
to put a positive spin on the transaction.
Jay
Wolf, the president of JCF, said the Trumps had been “exceptional
partners, and we hope to have the pleasure of working with the Trump
Organization again in the future.”
Eric
Danziger, the chief executive of Trump Hotels, said, “We are pleased to
have reached this agreement with JCF and have enjoyed our relationship
with them as the new owners of this property.”
The
original owner, the Toronto investor Alex Shnaider, had tried to use
Mr. Trump’s name and image to sell the tower’s hotel rooms as investment
condominiums.
Those
investors, many of them recent immigrants, lost much of their money —
conspicuous in Toronto, where real estate investments have spiraled
downward in value.
A
court ruled last year that Mr. Shnaider’s company had essentially
fabricated rosy income projections. Evidence also showed that the hotel
had an exceptionally low occupancy rate under Trump management.
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