TODAY PANAMA – Trump Ocean Club, located in the Punta Pacifica area of Panama City, the tallest building in Central America, has been sold for us$23.7 million to a new owner, whose name has not been disclosed.
The Notice of a Relevant Fact issued by the Panamanian National Stock Exchange (Panabolsa) indicates that Newland International Properties Corp, the developer of the hotel complex, signed a sale contract consisting of the transfer of 202 hotel units and 12 units of hotel amenities, for a price of us$23.7 million.
It is expected that the sale transaction will be completed and the units transferred to the new owner during July of this year.
See press release issued by Panabolsa. (In Spanish)
In a 2015 Associated Press (AP) report on Insider Business, Donald Trump was demanding as much as US$75 million from hundreds of condo owners in Panama City’s Trump Ocean Club, alleging that its directors wrongfully fired his company as administrator managing the luxury building.
Trump’s claim alleged a criminal conspiracy to remove his management company from its unpaid position as building administrator. A month earlier, AP had reported the owners’ board of directors had accused Trump’s managers of repeatedly exceeding budgets, paying themselves bonuses without permission and improperly passing costs from the building’s Trump-controlled hotel.
In June 2017, the Center for American Progress reported, “The Trump Ocean Club, at least according to reporting by The Washington Post, is attractive to Russian investors, who have purchased many units in the complex. As many as 60 Russians or Russian-born Americans have bought into the 630-unit complex.”
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