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(Bloomberg) -- How does a hotel and condominium once branded under the U.S. president’s name remove any trace of him from the building?
The owners of the property formerly known as the Trump International Hotel & Tower in Toronto, where condo sales officially began Thursday, started by removing the “Trump” sign from the 65-story building. It was given a new name -- it’s the Adelaide Hotel until it eventually becomes a St. Regis -- and some condo units have been updated with lighter backsplashes, floors and countertops. Later, the building’s “champagne-and-caviar” themed lobby of black marble and heavy curtains will be gutted.
JCF Capital ULC, the former property owner, said it has buyers lined up for a third of the 74 luxury suites it still owns. They’re the same units that a developer struggled to sell for years under the Trump brand.
“We don’t think the units were ever given a fair shake,” said Jay Wolf, one of the operators of JCF Capital. “Knock on wood, we’ve had no issues so far with perception.” Some of the suites cost less than before, averaging C$1,170 a square foot and ranging in price from C$1.6 million ($1.3 million) to at least C$23 million for the penthouse.
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