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After Sale, Yet Another City Plans To Remove Trump's Name From Building

A hotel in Toronto that once bore the name 'Trump' will be making some changes. The hotel was recently purchased by another organization, and the U.S. president's name will be coming down. This could eliminate at least one of the many conflicts that President Donald Trump's critics are raving about.

The hotel in Toronto was marketed under the Trump brand, but the president's empire never actually owned the hotel. The Trump Organization managed the hotel, which belonged to Talon International, a company owned by Alex Shnaider, a Russian-born billionaire. Talon defaulted on his loans for the building last year and it was put on the market.

The large, lavish hotel was the first in Canada branded under the Trump name. It opened in 2012 offering 74 private residences and 211 hotel rooms. The hotel also offered commercial, retail and amenity space. The Toronto International Film Festival has often used the venue for parties.

The hotel had always struggled, however, to stay afloat. "A year after it opened, hotel room occupancy was at 50 per cent, and rooms were only fetching half the expected rate," the company wrote on its website in May. "That was a problem for the investor-owners who bought individual hotel rooms in the tower as investments, and ended up losing the equivalent of about $175 a day."

The Trump name was supposed to draw visitors, and even Mr. Trump himself, before getting into politics, would make visits to the hotel to promote it. Unfortunately, it never took off, and with Donald Trump's career taking a turn in a different direction, the business suffered. Talon International Inc. has been suffering for years from legal woes, and just couldn't carry the property anymore. Trump or no Trump, the business was not booming.

The hotel was purchased recently by investment partnership JCF Capital ULC for $298 million. The 65-story building will be getting a new manager; the Trump Organization is, effectively, fired.

According to an announcement by JCF Capital ULC, the decision was nothing personal against the POTUS, or his organization. They said they may work together with the Trump Organization, currently being operated by Donald Trump Jr. and Eric Trump, at some time later in the future.

The Trump Organization doesn’t seem to be holding any hard feelings about the change in name, either. The deal was praised in a recent press release from Trump Towers.

This is not the only building to dump the Trump name as of late. Since his election win, three of his apartment buildings in Manhattan are dropping his name. Residents at another Trump property in New York City are circulating a petition to have the president's name removed.

"I understand that for some this is a complicated issue. For me, it's only business. Our homes are worth more without the Trump name," wrote tenant Laurence Weiss, who spearheaded the efforts to get the president's name removed.

The president has not complained; at least, not publicly.

Source: Daily Mail, BBC
Photo: Toronto Star

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