PANAMA CITY – A judge ordered on Monday the Trump Organization ousted from the luxurious Panama City hotel it had managed since 2011 following a long commercial dispute.
The judge’s ruling ended the dispute between the Trump Organization and Orestes Fintiklis, a private equity executive with Ithaca Capital and majority owner of the building, who alleged that US President Donald Trump’s family hotel business had mismanaged the property.
Orestes Fintiklis, a Cypriot, had filed a complaint with prosecutors against several Trump Organization employees for refusing to surrender possession of the Trump Ocean Club International Hotel and Tower after he had terminated his relationship with the company.
“As you have probably seen, this is just a commercial dispute that simply got out of control. Today, this dispute has been resolved, thanks to the judges who sent the country’s authorities,” Fintiklis said.
Maria Victoria Valdes, the 2nd Judicial Civil Circuit sheriff, went on Monday to the hotel, located in an upscale Panama City neighborhood, with a large police detail.
Fintiklis’s attorneys said Valdes went to the hotel to notify about a dozen Trump Organization employees occupying the building that they had to leave.
The employees had prevented Fintiklis from entering the property.
Miami-based Ithaca Capital bought the hotel and the majority of the property’s apartments in 2017 and decided to drop the Trump brand, citing mismanagement.
The Trump Organization challenged the decision, citing a contract signed with the original developer that gave it the right to manage the hotel until 2031.
Fintiklis agreed not to drop the brand in exchange for an agreement to allow the sale of most of the apartments, the Trump Organization said.
The Trump Ocean Club International Hotel and Tower was inaugurated in 2011 by Trump and former Panamanian President Ricardo Martinelli.