The rumours have come true. The Trump name will definitely be leaving the Toronto skyline with the news that InnVest Hotels, a Canadian company holding one of Canada's largest hotel portfolios, has acquired the property from JCF Capital ULC and will be rebranding it as The St. Regis Toronto.
"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."
Rebranding to The St. Regis Toronto will take place after the initial phases of a significant renovation of the lobby, guestrooms, public areas and food and beverage outlets. The renovations are likely in order to give the property the look of a St. Regis property since there is probably not that much much wear-and-tear on the property which only opened five years ago. Until then, the hotel will run as The Adelaide Hotel Toronto during renovations.
The property, which was originally conceived as a Ritz-Carlton Hotel back in 2001, is still listed for sale on the Trump Hotels website, but will likely be removed once the transition to Marriott's management takes place. The Trump Residences Toronto, the controversial and beleaguered condominiums in the building, will also be rebranded as The St. Regis Residences Toronto when St. Regis takes over management of the condominium in early August.
"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."
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