The owners of the Trump Ocean Club Hotel and Tower in Panama City are trying to remove the Trump name as well as the Trump management team from the hotel. After the hotel was completed in 2011 the amazing 70 story tower was the Donald Trump’s first international hotel.The hotel complex included apartments and a casino in a water front building that earned trump 30 to 50 million dollars in revenue.
In August the Miami based Ithaca Capital Partners completed its purchase of the hotel. Two months later the company proposed to remove the Trump organization’s directors from the hotel board and sent a notice of default to Mr. Trump himself stating that they are beginning to terminate his link to the property. This followed complaints over alleged mismanagement, the Associated Press reported.
“Not only do we have a valid binding and enforced long-term management agreement but any suggestion that the hotel is not performing up to expectations is belied by the actual facts” the Trump organisation said in a statement.
Ithaca Capital Partners did not immediately respond to a request for comment.