Trump Ocean Club

The Trump Ocean Club is a 70 story, 2,500,000 sq ft (230,000 m2), mixed-use waterfront condominium tower development in Panama City, Panama. 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 Donald J. Trump of the Trump Organization and Mr. Roger Khafif, President of the K Group, (a Panama resort developer). The project includes 369 hotel condominium units, 700 condominium units, 1500-1700 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 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 Ocean Club 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. Sun International plans to open a 75,000-square-foot (7,000 m2) casino at the property with 600 slot machines and 32 table games in mid-2014. The company paid $45.5 million for the rights to the space, and will spend another $60 million to develop it.