Just days before Trump’s election, his Canadian hotel project—which the Putin-controlled VnesheconomBank invested nearly $1 billion into—went bankrupt. Now, new ownership has taken over and announced that the hotel would no longer be a Trump Tower. According to Bloomberg, JFC Captial ULC was okay paying millions of dollars to rid themselves of the Trump name:
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.
JCF Capital acquired the tower with the Trump brand and agreements in place last year from former owner Talon International, the developer run by Russian-Canadian billionaire Alex Shnaider.
The tower was a tough sell under its Trump name: Talon struggled to sell the building after defaulting on its 2007 loan, and when JCF Capital acquired the loan on the property from lender Raiffeisen Bank International AG and launched a sale process for the building, it garnered no bids aside from its own.
They’re not the only ones ditching the Trump name. Even the Trump sons are rebranding the family hotels into Scion Hotels, a name they acquired by purchasing the failed Japanese car company’s trademark.
With everything he’s said and done since announcing his candidacy for president, Trump’s brand is now poison, and even his own family is trying to suck the venom out.