Trump tower in Canada close to sale, future of name in question

Fri May 27, 2016 4:04pm EDT
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By Ethan Lou

TORONTO (Reuters) - Toronto's Trump tower is close to being sold, a lawyer for its owner said on Friday, adding that the buyer could choose to drop the name, which has become more controversial since billionaire Donald Trump became the presumptive U.S. Republican presidential nominee.

The Trump organization disagreed, saying the building must continue to carry the name.

Symon Zucker, who represents Talon International Development Inc, said the 65-story hotel and condominium tower in the city's financial district has found a potential buyer and the sale will conclude "hopefully shortly."

The building is operated for Talon by the Trump Hotel Collection, presided over by Trump and his children.

Zucker said the current contract with Trump Hotel is "exclusive with Talon" and that "the new owner can if he wishes retain a different manager and change the name of the hotel."

Zucker declined to comment on the potential new owner's intentions or the specifics of the deal.

Trump Organization general counsel Alan Garten disagreed, saying the agreement is valid for "another 16 years" and calling Zucker's view "100 percent false."

"The management's agreement between Trump and the condos would remain in full force and effect," he said in an email. "We are not going anywhere."   Continued...

The top of the 65-storey Trump International Hotel & Tower is seen in Toronto August 31, 2015. REUTERS/Chris Helgren