CBRE Brokers $25M Sale of Luxury Resort in Panama
- Aug 30, 2017
CBRE has completed the sale of the majority interest in Trump Ocean Club Hotel, a 369-unit luxury resort in Panama City’s Punta Pacifica neighborhood. Newland International Properties Corp. sold the stake consisting of 202 hotel units to Ithaca Capital Investments in a $24.5 million deal.
Located at the tip of the Punta Pacifica Peninsula, the property opened in 2011. The stake acquired by Ithaca Capital Investments includes most of the existing suites and all the hotel amenity components, as well as 30,000 square feet of restaurants and bars, five oceanfront pools, parking rights and 21,000 square feet of meeting rooms and ballrooms. The asset is part of the Trump Ocean Club International Hotel and Tower Panama, a 70-story high-rise designed in the shape of a sail, the tallest and largest building in the region.
The team of Senior Vice Presidents Christian Charre and Paul Weimer, along with Vice President Natalie Castillo of CBRE Hotels collaborated with Managing Director Ramon Roux and Corporate Services Director Hawaii Chan of CBRE Panama to represent the seller. Managing Director Finbarr O’Connor of BRG Corporate Finance also advised the seller in the transaction.
“The Trump Ocean Club is a trophy asset in a dynamic market, but was hampered by a general, short-term oversupply of new product in Panama City,” said Charre, in prepared remarks.
“Although this is a complex, mixed-use property in a challenging market, we sourced a buyer who understands and recognizes the tremendous potential of the property and was able to patiently work through a multitude of issues,” added Weimer.
Image courtesy of Trump Ocean Club Hotel