The Real Deal Miami

Bondholders sell majority of units at Trump condo hotel in Panama

Ithaca Capital Partners, which has a Miami office, acquired 202 of the 369 units for an undisclosed price
August 26, 2017 09:00AM

Trump International Hotel, Panama

Bondholders with delinquent debt on the 70-story Trump International Hotel, Panama, sold most of the units at the condo hotel, a high-rise landmark in Panama’s capital city.

Investment firm Ithaca Capital Partners paid an undisclosed price for 202 of the 369 units at the Panama City property, plus the condo hotel’s three restaurants and its 30,000-square-foot conference center.

Orestes Fintiklis, a Miami-based director of Ithaca, told TRD in a phone interview Friday that the transaction was “an arrangement” agreed upon by the bondholders, equity holder Newland International, and hotel operator Trump International.

“The bonds have been non-performing for about two years,” Fintiklis said. The Panama City hotel opened in 2011.

Canal Bank provided debt financing for the acquisition by Ithaca, which is comprised of domestic family offices across the United States.

Advisors to the bondholders in the transaction included Berkley Research Group, Briton & Iglesias, CBRE and Perkins Coie LLP. Alcogal and BDO advised Ithaca.