The Trump licensing model blows up in Panama
The Trump licensing model blows up in Panama
By Gerardo Reyes, David Adams and Inti Pacheco
Seven years ago, the Trump Organization inaugurated its first real estate venture in Latin America. It was the organization’s most eye-catching yet, a 70-story luxury hotel and condo building dominating the oceanfront skyline of Panama City.
The glittering occasion was attended by Donald Trump, his sons Donald Jr. and Eric, as well as the president of Panama. But behind the scenes, the building was already in deep trouble. Within a few months, the developer, Newland International Properties Corp., defaulted on the bonds that financed the project, and two years later, it filed for bankruptcy.
Today, the $400 million Trump Ocean Club International Hotel and Tower is tangled up in a series of messy lawsuits with owners seeking to have the Trump Organization booted from management of the project, alleging "horrific mismanagement.”
On Monday, Panama’s government said it was investigating a complaint that Trump executives were illegally occupying the hotel following allegations of document shredding and battles for control over the hotel’s computers and bank accounts.
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