Trump's Company Gets Millions So Toronto Hotel Can Erase Brand
- Marriott’s St. Regis seen as front runner to manage property
- Breakup fee for switching brand said to be at least $6 million
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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.