Toronto’s Trump International Hotel has reached a buyout agreement.
JCF Capital ULC announced today that it has reached an agreement to buy out the management contracts for the Trump International Hotel and Tower Toronto for an undisclosed amount.
“We are pleased to have reached this agreement with JCF and have enjoyed our relationship with them as the new owners of this property,” said Eric Danziger, CEO of Trump Hotels, in a statement. “This was a record setting year for the hotel and we are incredibly proud of our performance. We look forward to the possibility of exploring other opportunities with JCF in the near future.”
In January, commercial real estate broker CBRE announced that the 65-storey, 908-foot-tall tower – the second tallest building in Toronto – is being sold for a court-approved receiver minimum sale price of $298 million, which was $3 million less than what the building owed at the time.
While the Trump International Hotel and Tower Toronto is considered one of Toronto’s premier, luxury hotels, expect a major name change to the Bay Street property soon.