Bid to strip Trump’s name from Panama hotel

The owners of Panama's Trump International Hotel want to strip the US President's name from the building and sack the management.

Despite the 70-storey tower offering picturesque views of Panama City's waterfront, a casino, and a swimming pool on the 65th floor that appears to float above the ocean below, the hotel has reportedly struggled to attract guests.

In August the owners had to sell off the hotel's restaurants, conference centre and 202 condos to Florida investment firm Ithaca Capital Partners, who proposed taking steps to terminate Mr Trump's association with the property at a meeting last month.

Such a move would include firing the hotel management company run by the President's family and removing all Trump branding – an association the owners once paid a reported $32m (£24m) for.

Mr Trump is already effectively being paid to end a similar arrangement regarding the Trump Soho Hotel in New York, but a spokesman for The Trump Organisation – the holding company for all of Mr Trump's business ventures – said the move was a contract violation.

He added: "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."

But Ithaca and the owners are said to already be searching for a new operator to run the hotel under a different brand.

Al Monstavicious, a retired US doctor who owns a penthouse unit at the hotel, said: "It can't get any worse. I bought there because I thought Trump's name made it a safe investment.

"But Latinos are a real problem for him in Panama."

Other owners of apartments at the hotel have previously complained about the management, with Mr Trump's manager removed from the board of directors in October 2015, prompting the then Republican candidate to pursue damages.

The claim was ultimately settled and Mr Trump remained manager of the hotel component of the tower.

Original Article