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Posted by Maria Arias on July 11, 2017
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Panama’s Trump Ocean & Tower Hotel Sold for $ 23 Million

Panama’s Trump Ocean & Tower Hotel, owned by US President Donald Trump, located in Panama City in the exclusive area of Punta Pacifica, was sold for $ 23.7 million to a new owner.

According to a statement published by the Panama Stock Exchange (BVP in spanish), the information is clear from a document, signed by Ashmir Alemán, legal representative of Newland International Properties Corp, a developer company of this project.

The note issued indicates the purchase and sale of an “irreversible” nature between the parties, so that now proceed to perfect the transaction, which must be specified this July and consists of the transfer of 202 hotel units and 13 units of amenities of the hotel, all located in Trump Ocean Club, was announced.

A promissory letter of payment issued by Canal Bank will be paid to the seller once the public deed of the transfer of the units is registered in the Public Registry and the units are transferred to the buyer.

Once the payment has been made to the bondholders, the company anticipates that there will be a material deficiency with respect to the existing debt under the bond obligations, which is unlikely to be canceled with the sale of any remaining assets of the company, is mentioned in the document.

Panama’s Trump Ocean & Tower Hotel was Trump’s first investment in Latin America and is the tallest in the region, with 70 floors. It was inaugurated on July 6, 2011 by the current President of the United States, Donald Trump.

See press release from Panabolsa.