It was built by Markham-based Talon International Development Inc., which is owned by Canadian businessmen Val Levitan and Alex Shnaider.

[7] Developer Harry Stinson intended to create a friendly rivalry with Trump for the tallest mixed-use building in Canada with the Sapphire Tower.

As a result, the planned heights of both projects were revised several times in an attempt to outdo each other, and Stinson's skyscraper would have been 17 metres taller in its last design.

At that time, the Trump Tower's design was also scaled back and the height was reduced because of the real estate market slowdown.

[9] Work on the top of the building continued until completion in July 2012 with the activation of two high-intensity aircraft warning lights.

In May 2017, The Wall Street Journal reported that Russian state-owned Vnesheconombank (VEB) provided financing for the construction of the hotel in 2010.

[10] According to the Panama Papers, in 2010, Shnaider sold at least half of Midland Group's ownership in the Zaporizhstal steel mill to buyers financed by VEB, who were then themselves acquired by the bank.

[11] Shnaider's lawyer told The Wall Street Journal that $15 million from the sale to the Russian bank went into the tower, and then recanted.

[11] The tower has been controversial since its opening because of lower than expected occupancy rates in the "hotel-condo" portion of the building that led to a legal battle between real estate investors and Talon International Development.

The "TRUMP" sign on the north side of the tower read "TRUM", and the public art feature Lightline was missing.

Because the light feature is a public art piece promised as part of the approval process for development, the City of Toronto grew impatient and considered commencing litigation.

[24] In December 2015, Josh Matlow, Toronto City Councillor for Ward 22, created a petition to rename the building, due to the controversial remarks made by Trump during the early phases of his presidential campaign.

[1] Prior to the renovation and rebranding to St. Regis, Marriott International operated the property as The Adelaide Hotel Toronto on an unbranded basis.