$6 Million: The Cost of Removing the Trump Brand from Toronto Hotel
"Donald Trump’s business will be paid millions of dollars to release the owner of a Toronto hotel complex from using his name," reports Katia Dmitrieva.
"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," adds Dmitrieva, reporting information made available in a statement by the companies.
The statement didn't disclose the financial figure JCF Capital ULC was willing to pay to part with the Trump name, but Dmitrieva has a source close to the deal that revealed the price was $6 million.
According to Dmitrieva, the hotel has a history of construction delays, lawsuits, and a default under the previous owner—all before the anti-Trump protests began in earnest.