TORONTO (Reuters) - Toronto's Trump tower is close to being sold and may not bear the name of presumptive US Republican presidential nominee Donald Trump after it changes hands, a lawyer for its owner said on Friday (May 27).
Symon Zucker, who represents Talon International Development Inc, said the 65-storey hotel and condominium building in the city's financial district has found a potential buyer and the sale will conclude "hopefully shortly."
The tower is operated for Talon by the Trump Hotel Collection, presided over by billionaire businessman Trump and his children.
Zucker said Talon's contract with Trump Hotel would not apply to the new owner, which would be free to change the building's name, though he declined to comment on whether it may do so or the specifics of the potential deal.
Trump Hotel spokeswoman Christine Lin said in an email that the organisation has a "long-term agreement" to manage the hotel and guests will continue to receive service "synonymous with our brand."
Talon Chairman Alex Shnaider has been trying to change the building's name through arbitration, though the sale is unrelated to that effort, said Zucker, who called the sale a routine business decision.
"Alex is moving on to other deals," he said. "This is just one more thing he's bought that he's going to sell."
The luxury building has had problems, and the intersection around it has been closed several times due to falling or unstable glass.
The building is also the subject of a Canadian lawsuit against Trump and associates by disgruntled investors who say they were misled in their deals.
A judge ruled against the investors, and a Toronto court will hear their appeal in June. Zucker called their case"frivolous."