Removal of the Trump name from the Trump International Hotel and Tower Toronto is underway, The Toronto Star reported yesterday.
InnVest Hotels LP (“InnVest Hotels”) acquired the tallest luxury hotel in Toronto from JCF Capital ULC (“JCF”) in late June of this year. InnVest Hotels is a Canadian company that holds one of Canada’s largest hotel portfolios. As part of the transaction, the 65-story, 261-room hotel is receiving a significant renovation as well as a new name.
“The acquisition of this landmark hotel is in line with InnVest’s long-term business strategy of acquiring high quality luxury properties,” said Matthew Cornell, vice-president, Investments of InnVest Hotels. “This acquisition underscores InnVest Hotels’ commitment to expanding and diversifying our portfolio across Canada.”
The hotel will be rebranded as The St. Regis Toronto after the initial phases of a planned renovation are complete. Prior to the full rebranding, the hotel will run as The Adelaide Hotel Toronto as the hotel undergoes a renovation of the lobby, guestrooms, public areas and food and beverage outlets.
The residences of the tower will be branded as The St. Regis Residences Toronto in early August when St. Regis takes over management of the condominium.
“This is the premium location in Canada, and remains one of Toronto’s most highly sought-after real estate opportunities,” said Jay Wolf, President of JCF Capital. “The St. Regis Residences will become the city’s most desirable residential address, and under InnVest Hotel’s stewardship, continue to deliver exceptional experiences to locals and visitors alike. We are very excited to partner with InnVest Hotels on this luxury property.”
The Trump International Hotel and Tower Toronto opened January 31, 2012. The 65-storey building is located on the southeast corner of Bay and Adelaide streets in the heart of the city’s business district. It has 12,000 square feet of meeting/event space, including the Grand Ballroom and Grand Salon on its 9th and 10th floors, which are connected by a staircase.
In the five+ years since its opening, the property’s developer, Talon International, has faced (and is facing) lawsuits from investors, who allege they have not seen the promised return on their investment. In addition, the property was the site of protests against Donald Trump during his successful run for the Presidency of the United States. The Trump name was used as part of a licensing agreement.