Panama Hotel plans to dump Trump name

THE TRUMP  Ocean Club International Hotel & Tower in  Punta Pacifica Panama is the latest operation seeking to drop the Trump name from its facility.

The Soho Hotel in New York made the move last week.

The investment fund Ithaca Capital Partners – wants to end the relationship with The Trump Organization – which  managed the hotel since its opening, in 2011

The Associated Press (AP) news agency has published that Ithaca Capital Partners, the company that

owns most of the building’s shares since last August, has proposed that the board of directors to remove any association with  the Trump Organization, including his name.

“The Trump organization has acknowledged to AP  that there are efforts to dismantle the

brand and Trump management in Panamanian property. They said that this was a violation of contract, “the agency said in a note released Monday, November 27.

“Not only do we have a valid and long-term management association, but any

indication that the hotel does not behave according to expectations is denied by the

facts, “the Trump Organization said in a statement sent to the AP.

Ithaca Capital Partners, a Florida-based company, paid Newland Investment

Properties a sum – until now unknown – to acquire the restaurants,  conference center a

and 202 rooms of the hotel project in Punta Pacifica, which gave  it the

majority shareholder in the board of directors. The transaction was officially announced last August 10.

In 2015, the board of directors of that time removed the Trump organization from the directors, which resulted in a millionaire arbitration requested by the magnate, today president of the United States. The process ended in an arrangement whose terms are unknown.