The Trump International Hotel and Tower Toronto will be
rebranded as a St. Regis. The hotel's owner bought out Trump Hotels' management
contract and sold the 261-room hotel this week.
InnVest Hotels LP bought the 65-story property from JCF
Capital for an undisclosed and will temporarily rebrand the property as the
Adelaide Hotel Toronto while the property undergoes a renovation. Once the
upgrades are completed, the property will be renamed the St. Regis Toronto.
Toronto-based InnVest owns about 100 hotels across Canada,
including four Fairmonts, the Hyatt Regency Vancouver and the Quebec Hilton.
The hotel opened in 2012 as a hotel-condominium project and
fell into receivership late last year, as many of the condominiums sat empty,
the New York Times reported. Toronto-based Talon International Development was
the original owner. JCF Capital subsequently took over the property’s mortgage,
which stood at about $225 million as of last November, according to the Times.