Trump will have one less source of emoluments. The Toronto Star is reporting that the Trump International Hotel & Tower in Toronto will be renamed, probably as part of Marriott’s St. Regis brand.
It wasn’t built by or owned by Trump, but he licensed his name and owns the company that manages the hotel. The current owners have arranged to terminate this agreement.
The hotel is made up of condo units that owners could live in or place into the pool of units that are part of the hotel.
Most of the units that where sold have not closed because the buyers can’t get a mortgage because the actual value is so much lower then what they bought it at. A big reason is that the hotel units are classified as commercial for property taxes rather then residential. Many of the purchasers are suing the developer over false advertising. For the owners that have closed, the hotel doesn’t make money for them.