Type Hotel, Condo Construction started 2007 Cost US$400 million | Architectural style Postmodern Completed 2011 | |
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Location Punta Colon, Punta Pacifica, Panama City, Panama | ||
The Trump International Hotel & Tower Panama (formerly Trump Ocean Club or Trump Ocean Club International Hotel and Tower) is a 70-story, 2,500,000 sq ft (230,000 m2), mixed-use waterfront condominium tower development in Panama City, Panama.
The project was designed by Colombian architects Arias - Serna - Saravia S.A. The building is situated on a beachfront lot with views of the Pacific Ocean and Panama Bay, in the area of Punta Pacifica. The building was developed by real estate tycoon, and president of the United States, Donald Trump of the Trump Organization and Roger Khafif, President of the K Group, a Panama resort developer. The project includes 369 hotel condominium units, 700 condominium units, 1500 parking spaces, retail shops, casino, use of a private beach club on Viveros Island, yacht club and pier, wellness spa, gym, pool deck, meeting and event spaces, and a business center.
The hotel opened on July 6, 2011. On September 21, 2011, it was indicated by Bloomberg.com that Fitch Ratings downgraded $220 million in bonds that Newland International Properties, Corp. is using to finance construction of the Trump International Hotel & Tower in Panama. The downgrade to CCsf from B-sf, resulted from "continued uncertainty over the willingness and ability" of buyers to take possession of apartment units, according to Fitch documents.
In November 2012, Sun International announced plans to open a 75,000-square-foot (7,000 m2) casino at the property with 600 slot machines and 32 table games. The company paid $45.5 million for the rights to the space, and planned to spend another $60 million to develop it for an opening in mid-2014.
Its similar style to the Burj Al Arab, a hotel in Dubai, United Arab Emirates, has been noticed, and court proceedings over the similarities took place.