Toronto's Trump Tower Is Changing Its Name

It's sad news for big fans of alliteration, but nobody else seems to mind: The Trump Tower in Toronto will be getting a new name under a deal announced Tuesday, the New York Times reports. JCF Capital, which bought the 65-story hotel and condo complex earlier this year, has paid the Trump Organization to exit its management contracts and remove the Trump name from the building. Sources tell Bloomberg that the "breakup fee" was around $6 million and the president's name will be gone from the downtown tower within weeks. The Trump Organization licensed the name but never owned a stake in the tower, which opened in 2012 and suffered from problems including low occupancy rates and huge cost overruns.

The tower became a target for protesters after Donald Trump became president, though investors complained about poor returns on the project long before Trump launched his political career. Trump Tower "is a running joke in real estate, it’s synonymous with probably the biggest real estate failure in the city in recent memory," realtor David Fleming tells the Toronto Star. "That building needs a fresh start." Marriott's St. Regis brand is expected to take over management and put its name on the hotel, insiders say. The Times reports that the owner of the Trump Tower in Vancouver, which opened this year and also licenses the name, says the Toronto move will not affect the building. (Canada is restoring the hotel—and brothel—opened by Trump's grandfather.)