Panama Trump hotel the latest to distance itself from President’s name
Another major hotel want’s to dump the Trump name.
The owners of the Trump International Hotel in Panama wants to remove the US President’s moniker and seek new management.
The 369-room condo-hotel has been struggling with falling occupancy rates.
The 70-story Trump Ocean Club International Hotel and Tower Panama is situated in a prime Panama City waterfront location.
US retiree Al Monstavicius, who owns a penthouse hotel unit, says he bought because ‘ I thought Trump’s name made it a safe investment.’
"But Latinos are a real problem for him in Panama," Monstavicius said.
The Trump Organization confirmed to the AP a move by owners, Miami-based Ithaca Capital Partners, to dissolve the management contract.
Ithaca sent a notice of default which comes after complaints were made over alleged mismanagement.
"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.
Last week the majority owners of the Trump SoHo in Manhattan agreed a deal with the Trump Organization to end its association at that condo hotel by the end of the year.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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