The building's owner, JFC Capital, announced a deal last month that would see the U.S. President Donald Trump's name removed from the property.

The Trump Organization has agreed to sell the management contracts for the Trump International Hotel and Tower Toronto to JCF Capital.

Marriott International Inc's St. Regis brand is the lead bidder to take over the brand and management rights of a downtown Toronto high-rise bearing the name of U.S. President Donald Trump, two people with knowledge of the matter said on Friday.