Industry News

Trump Plans Huge Condo Hotel Complex

in Panama Amid Canal Plan

The Trump Organization and K Group, a high-end resort developer in Panama, have entered into a partnership to develop Trump Ocean Club, International Hotel & Tower. The five-star resort will be located in Panama City, Panama.

The condo hotel project was announced by Mr. Donald J. Trump and Mr. Roger Khafif, President, K Group, both of whom were quick to say that the Trump Ocean Club would become "the new benchmark in high-end real estate in Panama."

The 2.6 million square foot, $260 million project, will include a 68-story condominium tower, consisting of 350 condo hotel units and an additional 600 straight condominium units, an international casino, and private beach club located on Contadora Island.

The Trump Ocean Club will also feature other amenities including a yacht club and pier, world-class wellness spa, state-of-the-art fitness center, pool deck, full-service conference and event spaces, and a business center.

Donald J. Trump said, 'With this development we will set a new standard of luxury in Panama. The Trump Ocean Club, International Hotel & Tower, will be a magnificent and distinctive contribution to Panama City, one of Latin America's most dynamic cities. With a shared appreciation of Panama and for developing high-end properties, I look forward to working with Roger Khafif of K Group and his partners on this exciting project.'

Roger Khafif commented, 'The Trump Organization is committed to realizing in Trump Ocean Club, a one-of-a-kind, best in class, destination for living, working, boating, and shopping in Panama. No other property in this rapidly growing and desirable region can compete with the Trump signature brand and their level of world-class amenities and tenants.

'This is the first time that The Trump Organization has invested in real estate development in Central America, highlighting the present level of confidence Mr. Trump has in Panama, our budding economy and our first-class developments. We look forward to working with The Trump Organization - a world-class company which shares our commitment to excellence."

Donald J. Trump added, 'I am excited to bring the prestige of the Trump Organization to this exceptional destination project. We expect Trump Ocean Club, Panama, to reach the success and renowned status of my other luxury projects, including the Palm Trump International Hotel and Tower in Dubai, Trump International Hotel & Tower, Chicago and Trump Tower, among others.'

According to the developers, the Trump Ocean Club will be built with the highest quality of construction and luxury amenities that is required by its association with the Trump name.

Other prestigious partners involved in Trump Ocean Club include the Colombian commercializing company Espacios Urbanos S.A. and the Colombian construction firm Arias Serna y Saravia S.A. The project is expected to be completed by 2009.

The Trump Ocean Club, Panama, is being built on a beachfront lot. It will offer panoramic views of the Pacific Ocean and the Panama Bay, in the upscale district of Punta Pacifica.

Punta Pacifica is one of the newest and most exclusive areas of Panama City. It borders the financial center and the residential area of Punta Paitilla, on land that was reclaimed from the sea. It is linked directly to the rest of the city by the new highway called 'Corredor Sur' that guarantees accessibility to any area, including the airport, in less than 15 minutes.

The Trump Ocean Club, Panama, brings together, under a Club concept, various elements, creating a mixed-use environment to suit the modern 'stress-free' lifestyle, complemented further by gourmet restaurants, first class entertainment venues, exclusive boutiques, and luxury retail shops.

It is ideal for the executive, resident or traveler who requires a home in Panama, close to the financial and commercial sectors, where all his or her needs will be satisfied. It also suits the lifestyle of a native or world traveler who seeks the convenience of a modern city, combined with a high living standard.

Trump Ocean Club is also an excellent solution for the foreigner who wants a second home or a place in which to retire. It will be a tropical paradise offering more affordable prices than those that can be found elsewhere.

Residents of Trump Ocean Club, Panama will be able to enjoy all the Club services that the development offers, including maid and laundry service, the only 24-hour yacht club in Panama and access to over 1700 parking spaces, among other services.

Panama is rated as the number one place in the Americas for retirement by Modern Maturity magazine and the number one place in the world by International Living. Conde Nast Traveler selected Panama as one of the six best places for a second home in the Americas.

Panama is considered one of the safest countries in the world with the highest rating for tourist safety. Its convenient proximity to the U. makes it easy to book direct flights from Panama to seven major U.S. cities.

Panama is an extraordinarily beautiful country with a wide variety of residential venues including mountain, beach and city communities. Panama's cost of living is a fraction of the United States, with medical facilities on par with the United States.

Mr. Trump, assisted by Donald Trump Jr. and Ivanka Trump, negotiated the transaction with Mr. Roger Khafif, who was represented by Marvin Traub Associates, Inc. and Greenberg Traurig LLP.

Get more details and see pictures of Trump Ocean Club, International Hotel & Tower, Panama here.