Trump Panama hotel owners trying to strip
president's name -report
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[November 28, 2017]
MEXICO CITY (Reuters) - Owners of
the Trump International Hotel in Panama City are trying to strip the
president's name from the building and remove his company from
management, the Associated Press reported on Monday.
When it was completed in 2011, the 70-floor building was the future U.S.
president's first international hotel venture, a complex including
apartments and a casino in a waterfront building that has earned Trump
between $30 million and $50 million.
In August this year, Miami-based Ithaca Capital Partners completed its
purchase of the hotel amenities and the majority of the units in the
Trump International Hotel.
In October, Ithaca proposed removing the Trump Organization's directors
from the hotel board and sending a notice of default to Trump, to begin
terminating Trump's link to the property, after complaints over alleged
mismanagement, the AP reported.
"Not only do we have a valid, binding and enforceable long-term
management agreement, but any suggestion that the hotel is not
performing up to expectations is belied by the actual facts," the Trump
Organization said in a statement.
Ithaca did not immediately respond to a request for comment.
Trump licensed his brand to the luxury project and provided hotel
management. A Reuters investigation published in November found that
alleged fraudster Alexandre Ventura Nogueira had sold between one-third
and one-half of the advance sales for the Trump Ocean Club, as the
complex including the hotel and apartments is known.
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The Trump Ocean Club International Hotel and Tower Panama (C) is
seen between apartment buildings in Panama City, Panama October 11,
2017. REUTERS/Carlos Lemos
The story, reported in conjunction with U.S. broadcaster NBC News,
detailed how Nogueira did business with a Colombian money launderer
and two criminals from the former Soviet Union.
Nogueira told Reuters and NBC how, in the project's early days, he
had participated in business meetings with Ivanka Trump and that she
had endorsed his recommendation to sell the apartments for a higher
Ivanka Trump declined to comment on the allegations, while the Trump
Organization said it did not remember Nogueira.
Earlier in November, the Trump Organization said it would give up
management of the Trump SoHo hotel in New York City by the end of
The Trump Ocean Club Panama Owners Association could not be reached
(Reporting by Christine Murray, Stefanie Eschenbacher and Ned
Parker; Editing by Cynthia Osterman)
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