USA firm JCF Capital ULC will pay President Trump's business millions of dollars to remove his name from the Trump International Hotel and Tower in Toronto, Canada, which it acquired earlier this year.
JCF Capital ULC, the closely held USA firm that owns the building in the city's downtown business district, reached a buyout deal to exit the contracts with the Trump Organization's hotel and management firms early, the companies said Tuesday in a statement. There is no confirmed date for the signage's removal from the property.
"We don't know exactly, but it will happen in short order", spokesperson Randi Rahamim said.
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. But the new owner of the Trump Tower in Toronto on Tuesday announced a deal with the Trump Organization that will see the family name and brand removed from the property, from August 1. "We look forward to the possibility of exploring other opportunities with JCF in the near future", Danziger added.
Donald Trump won't loom over the Toronto Film Festival, or the city's skyline, this September. In 2015, Toronto City Councillor Josh Matlow asked that the Trump name be dropped, calling Trump a "fascist".
In the months since the Trump began his campaign and presidency, the 65-story tower has also become a beacon for protests over his remarks on women's issues, Mexican immigration, Muslim travel and more.
Neither company disclosed the cost of the buy-out, but sources told Bloomberg that JCF Capital paid "at least $6 million" to rid itself of the Trump association.