Trump's Company Gets Millions So Toronto Hotel Can Erase BrandBy Katia Dmitrieva
June 27, 2017, 9:08 AM EDT June 27, 2017, 10:52 AM EDT
- Marriott’s St. Regis seen as front runner to manage property
- Breakup fee for switching brand said to be at least $6 million
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.
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Excerpt. Read more at
https://www.bloomberg.com/news/articles/2017-06-27/trump-hotel-owner-in-toronto-reaches-deal-to-remove-trump-brand
