Trump's Company Gets Millions So Toronto Hotel Can Erase Brand

[DonViejo]

Source: Bloomberg




By Katia Dmitrieva

June 27, 2017, 9:08 AM EDT June 27, 2017, 10:52 AM EDT

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.

The hotel will likely be operated under Marriott International Inc.’s St. Regis brand, people familiar with the plan said earlier this month.

The agreement to remove the the U.S. president’s brand marks the first step toward revamping the property, which has faced a history of construction delays and lawsuits. Most recently, it’s been a site for protests against the Trump’s comments disparaging women, Mexicans and Muslims, even though his company has no ownership stake in the property.



Read more: https://www.bloomberg.com/news/articles/2017-06-27/trump-hotel-owner-in-toronto-reaches-deal-to-remove-trump-brand

[groundloop]

1. Damn, he's getting rich just because nobody wants to be associated with his name

The bastard is so toxic that his name has become a liability to doing business, yet he's still raking in $millions.... that's just flat out wrong.

[Eugene]

3. Amen to that.

[riversedge]

4. oh. I only hope you are 1% right.

[niyad]

6. wanna bet none of that is going to happen?

welcome to du.

[niyad]

11. even my cynical imagination is not that good.

[frazzled]

5. The ultimate kill fee

I wish I could work a scam like that: we'll pay you to go away. (Actually, not: whoever thought up "branding" of this nature should be drawn and quartered anyway.)

[Scarsdale]

12. Can WE broker a deal

to make him go away? It would be cheaper than keeping the orange ass in office. He HAS to take his "kids" with him, too.

[Bengus81]

7. Shows just HOW BADLY they want Trumps name to VANISH........

Last edited Tue Jun 27, 2017, 12:44 PM - Edit history (1)

They're willing to pony up $6M in fees or penalties to get that shit heads name off of the building toot sweet.

[iluvtennis]

8. I like there stance of not wanting anything to do with Dumpty and I'm glad they...

have the $ to make it happen. I despise Trump so much for how he is tearing this country apart.

[TexasBushwhacker]

9. I'm pretty sure that hotel was financed with Russian money n/t