Trump organization ends management of Toronto tower

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"We are pleased to have reached this agreement with JCF and have enjoyed our relationship with them as the new owners of this property", Trump Hotels CEO Eric Danziger said in the statement, CBC reports.

The deal closes a chapter in the troubled story of Toronto's Trump Hotel.

JCF Capital acquired the tower with the Trump brand and agreements in place a year ago from former owner Talon International, the developer run by Russian-Canadian billionaire Alex Shnaider.

JCF Capital confirmed to BuzzFeed News that the hotel will be rebranded, but could not provide a date for when that might happen.

The firm did not say if it had reached a deal with another group, but a spokeswoman said they hoped to have something announced "in short order".

JCF is a vehicle created by Juniper Capital Partners LLC and Cowie Capital Partners Inc to buy the tower.

Then in 2015, Talon defaulted on a construction loan and was eventually forced to relinquish the property.

While U.S. President Donald Trump never owned the building, his Trump Organization licensed his name to and operated the property, which has struggled financially and been the focus of a long-running legal battle after opening in 2012.

Conceived when Toronto had only a few luxury hotels, the Trump-branded hotel was supposed to be a sure thing.

As Mr. Shnaider was developing the property, he tried to sell hotel rooms and condos to investors.

Marriott did not respond to a request for comment.

Trump opened a hotel and residence in Vancouver earlier this year. The chain also manages eight hotels in the United States, as well as properties in Scotland and Panama.

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