{"id":22554,"date":"2018-03-13T10:20:20","date_gmt":"2018-03-13T15:20:20","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=22554"},"modified":"2018-03-13T10:22:43","modified_gmt":"2018-03-13T15:22:43","slug":"trump-hotel-executives-ousted-offices-panama-12-day-standoff","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/trump-hotel-executives-ousted-offices-panama-12-day-standoff\/","title":{"rendered":"Trump Hotel Executives Ousted from Offices in Panama After 12-Day Standoff"},"content":{"rendered":"

\"\"<\/a><\/p>\n

Trump hotel executives were ousted from their offices in Panama\u2019s Trump Hotel on Monday, as Panamanian officials stepped in to resolve a 12-day standoff between Trump\u2019s company and the property\u2019s owners. Trump\u2019s security guards also left the property, and crews immediately began stripping Trump\u2019s name from the building.<\/p>\n

The action began when a Panamanian judge and armed police officers escorted the head of the hotel\u2019s owner association into the Trump-branded 70-story, luxury property on Panama Bay, with Trump\u2019s security staff departing soon after. A legal dispute over Trump\u2019s management contract at the hotel continues, but Monday\u2019s developments indicated Trump had effectively surrendered physical control of the property.<\/p>\n

 <\/p>\n

\u201cThis was purely a commercial dispute that just spun out of control,\u201d said Orestes Fintiklis, a private equity investor and the head of the hotel\u2019s owners\u2019 association, shortly before entering the hotel management\u2019s offices. \u201cAnd today this dispute has been settled by the authorities and the judges of this country.\u201d<\/p>\n

A Panamanian judicial official told The Associated Press a statement would come later in the day. The Trump Hotel\u2019s website had ceased offering direct bookings at the hotel by early Monday afternoon.<\/p>\n

\u201cWe apologize,\u201d the site said. \u201cThere are no available rooms for your requested stay.\u201d<\/p>\n

The judicial intervention resolved the most contentious part of a 12-day standoff between Trump\u2019s hotel business and Fintiklis, who sought to take physical control of the property on behalf of the hotel owners. Though the owners tried to fire Trump\u2019s company last year, the Trump Organization had disputed the termination as legally invalid. As part of his fire sale purchase of 202 of the hotel\u2019s 369 units, Fintiklis signed a February 2017 agreement not to challenge Trump\u2019s management contract \u2014 a deal that Trump Organizations consider binding.<\/p>\n

Fintiklis quickly changed course after the deal closed in August, arguing that alleged mismanagement by Trump\u2019s staff and the deterioration of the Trump brand rendered keeping the property in Trump hands impossible. In late December, Trump\u2019s management team ran off a team of Marriott hotel executives visiting the property at Fintiklis\u2019 invitation.<\/p>\n

\u201cOur investment has no future so long as the hotel is managed by an incompetent operator whose brand has been tarnished beyond repair,\u201d Orestes wrote to his fellow hotel owners in a January email obtained by the AP.<\/p>\n

The most recent and intense feuding began Feb. 22, when the Miami-based Fintiklis came to the property with termination notices for Trump\u2019s management team. Trump hotel officials turned away Fintiklis and his entourage, refusing to let Fintiklis check into any of his private equity fund\u2019s 202 hotel rooms.<\/p>\n

A legal complaint filed by Fintiklis said that, late that same evening, he and others in his party witnessed Trump\u2019s management team destroying hotel documents, which Trump officials have denied.<\/p>\n

For more than a week, Trump\u2019s hotel business staved off efforts by Fintiklis and his allies to gain control of the property, with rival security teams skirmishing over physical control of key infrastructure including the administrative offices and the hotel\u2019s closed caption security system, which was housed in the condo association within the same building. Grainy footage of the encounter obtained by the AP shows Trump security officials shoving a representative of the condo owners\u2019 association and a brawl in a stairwell between opposing security guards.<\/p>\n

Initially invited by Trump\u2019s managers, the Panamanian police repeatedly visited the hotel to keep the peace. At least one Trump security official was taken off the property in handcuffs, though a police source told the AP he was not arrested.<\/p>\n

A legal complaint filed by Fintiklis said that, late that same evening, he and others in his party witnessed Trump\u2019s management team destroying hotel documents, which Trump officials have denied.<\/p>\n

For more than a week, Trump\u2019s hotel business staved off efforts by Fintiklis and his allies to gain control of the property, with rival security teams skirmishing over physical control of key infrastructure including the administrative offices and the hotel\u2019s closed caption security system, which was housed in the condo association within the same building. Grainy footage of the encounter obtained by the AP shows Trump security officials shoving a representative of the condo owners\u2019 association and a brawl in a stairwell between opposing security guards.<\/p>\n

Initially invited by Trump\u2019s managers, the Panamanian police repeatedly visited the hotel to keep the peace. At least one Trump security official was taken off the property in handcuffs, though a police source told the AP he was not arrested.<\/p>\n

\n

\u201cToday Panama has made us proud,\u201d Fintiklis said, adding that he intended to apply for Panamanian citizenship. Though Fintiklis has generally declined to comment on the dispute, he appeared to gloat Monday. Sitting at the piano in the hotel\u2019s lobby, surrounded by reporters and news cameras, he played \u201cAccordeon,\u201d a Greek song celebrating that country\u2019s fight to overthrow a fascist regime.<\/p>\n

Within two hours, a man using a hammer and a crowbar began stripping Trump signage from a stone plaque in front of the building.<\/p>\n

Trump organization to sue after Panama hotel changes name<\/h2>\n

Operators of the former Trump Ocean Club International Hotel and Tower in Panama City announced Friday they have changed the property\u2019s name to \u201cBahia Grand Panama.\u201d<\/p>\n

The operators said in a statement the hotel will be run \u201cwith the approval of Ithaca Capital Investments and Orestes Fintiklis,\u201d the investor who owns a majority of the hotel units.<\/p>\n

Lawyers for the Trump Organization in Panama say they will take legal action to restore the Trump name to the luxury hotel, where workers pried off metal letters spelling out the name earlier this week.<\/p>\n

On Friday, Britton and Iglesias, a law firm, said in a statement that it \u201cwill be presenting legal actions seeking to restore the Trump name to the hotel and demand that the temporary administrators post a bond to guarantee payment for any damages done to its clients.\u201d<\/p>\n

Earlier this week, executives of U.S. President Donald Trump\u2019s family business were ousted from their management offices under orders from Panamanian officials.<\/p>\n

<\/div>\n

Their exit came amid a business dispute with Fintiklis.<\/p>\n

Under a decade-old agreement with the property\u2019s original developer, Trump\u2019s team was supposed to manage the property until at least 2031.<\/p>\n

As part of a deal to sell 202 of the hotel\u2019s 369 condo units last year, the team attempted to extract an ironclad concession from the buyer, Fintiklis, not to challenge that management contract.<\/p>\n

But Fintiklis did challenge it. Whether the Trump business has a legally binding commitment is a matter of contention.<\/p>\n

Trump Hotels<\/a> maintains that the company will not give in to \u201cmob style tactics\u201d intended to remove it from the property until courts or arbitrators have settled the contractual matter.<\/p>\n

Donald Trump\u2019s June 2017 financial disclosure shows his company earned a little over $800,000 from the Panama property during the previous 15 months \u2014 a paltry amount compared with the payout of between $32 million and $55 million that the company was on track to receive, according to a deal that emerged from the property\u2019s 2013 bankruptcy.<\/p>\n

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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    Trump hotel executives were ousted from their offices in Panama\u2019s Trump Hotel on Monday, as Panamanian officials stepped<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[10,12,247,241,39,248,34,33,62,42,219,11,249,243,7,246,244,44],"class_list":["post-22554","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective","tag-bocas-del-toro","tag-boquete","tag-boquete-boca-chica-real-estate","tag-boquete-real-estate","tag-buenaventura","tag-casco","tag-casco-antiguo","tag-casco-viejo","tag-coffee-in-panama","tag-estate-homes-in-panama","tag-move-to-panama","tag-offshore-real-estate","tag-panama-offshore-real-estate","tag-panama-papers","tag-panama-real-estate","tag-relocate-to-panama","tag-rum-in-panama","tag-travel-to-panama"],"yoast_head":"\nTrump Hotel Executives Ousted from Offices 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