Canadians are not exactly fans of President Trump and their disdain has reportedly left the Trump Hotel Toronto at a mere 15 to 45 percent occupancy since the project opened in 2012. The hotel, which held the bragging rights of being the first five-star establishment in the city, will now be converted into a St. Regis following the Trump Hotel's announcement of bankruptcy late last year, travel blog One Mile at a Time reports.
"[Trump Hotel Toronto] looked great at the time because it was such a novelty for the city. Trump was a big, big name, it looked like it would be a huge success," former Toronto Star real estate reporter Susan Pigg told NPR. "But the whole thing was doomed to failure." One Mile at a Time added: "It'll be interesting to see how taking the 'Trump' name out of the hotel impacts occupancy."
The Toronto hotel fell under scrutiny this spring when it was revealed that a partner of President Trump's financed the hotel using hundreds of millions of dollars received from the Russian bank Vnesheconombank, or VEB. At the time, Russian President Vladimir Putin sat on VEB's supervisory board.