JW Marriott Panama
Hotel and condominium tower in Panama
From Wikipedia, the free encyclopedia
The JW Marriott Panama (formerly The Bahia Grand Panama, before that Trump International Hotel & Tower Panama, and before that Trump Ocean Club) is a 70-floor, 252,000 m2 (2,710,000 sq ft), mixed-use waterfront hotel and condominium tower development in Panama City, Panama, in the area of Punta Pacifica. It opened in 2011 as the first international "name-branded development" of The Trump Organization. At 284.4 metres (933 ft), it is the tallest building in Panama[2] and the tallest building in Central America.[3]
| JW Marriott Panama | |
|---|---|
JW Marriott Panama | |
 Interactive map of the JW Marriott Panama area | |
General information | |
| Type | Hotel, Condo, Residential, Casino, Office Tower & Commercial Retail |
Architectural style | Postmodern |
| Location | Punta Colon, Punta Pacifica, Costa del Este, Panama City, Panama |
Construction started | 2007 |
Completed | 2011 |
| Cost | US$400 million[1] |
| Owner | Ithaca Capital Partners |
| Operator | Marriott International |
| Height | |
| Tip | 284.4 m (933 ft) |
| Roof | 284.4 m (933 ft)[1] |
| Technical details | |
| Floor count | 70[1] |
| Floor area | 252,000 m2 (2,710,000 ft2)[1] |
| Lifts/elevators | 37 |
| Design and construction | |
| Architect | Arias Serna Saravia S.A. |
| Developer | Espacios Urbanos, K Group |
| Website | |
| https://www.marriott.com/hotels/travel/ptymj-jw-marriott-panama/ | |
Building
The project was designed by Colombian architects Arias – Serna – Saravia S.A.[4] It includes a five-star hotel of 369 hotel condominium units, 628 residential condominium units, 1500 parking spaces, 36 retail shops, 10-story office tower, a 75,000-square-foot (7,000 m2) casino operated by Sun International,[5] daily ferry service to the Pearl Islands, yacht club and pier, wellness spa, gym, pool deck, meeting and event spaces, and a business center.[6]
The 13-story base is topped by a tower resembling the Burj Al Arab, a hotel in Dubai, United Arab Emirates;[6][7] before its completion the developer asked for a preemptive injunction against lawsuits by Jumeirah Group over the similarity.[8] The interior was designed by Hirsch Bedner Associates.[9]
Construction began in May 2007.[10] When built, the tower was the tallest building in Latin America; as of 2008[update] it remains the tallest in Central America and still remains the largest mixed use building of its kind in Latin America.[6]
History
Donald Trump arranged financing for the project from the investment bank Bear Stearns – a $230 million bond offering[11] – for which he received a $2.2 million commission.[10][12] During the financing, Ivanka Trump falsely claimed that over 90% of the units had been sold, and that their sale price was five times that of comparable units.[10][13] Ivanka Trump also exaggerated demand for the units, claiming in 2009 they were selling out even as potential buyers were being offered substantial discounts.[10][14] During the development, Donald Trump falsely implied that the Trump Organization had a financial stake in the project, and that it was acting as the developer, neither of which were true.[10]
The building was developed by Roger Khafif, President of the K Group, a Panama resort developer and three Colombian partners by Newland International Properties Corp. Khafif first conceptualized the project in 2005, and arranged a meeting with Donald Trump via Marvin Traub.[10][11] A contract was signed initiating the project in New York City in 2006.[11] Ivanka Trump was given a lead role in developing the project.[10]
The hotel opened on July 6, 2011, approximately one year behind schedule, in a ceremony attended by President Ricardo Martinelli.[10][1][15] In September 2011 Fitch Ratings downgraded $220 million in bonds that Newland International Properties Corp. was using to finance construction of the building from B-sf to CCsf because of "continued uncertainty over the willingness and ability" of buyers to take possession of apartment units.[16]
Newland licensed the Trump brand name for an initial fee of $1 million,[10][8] the hotel was the first international Trump "name branded" development to open.[7][9] Donald Trump reportedly personally profited between $30 million and $55 million from the project.[10]
The Trump Organization managed the hotel under contract until March 2018, when Cypriot businessman Orestes Fintiklis, who had bought a majority stake in the hotel condominium association, legally ousted them and had the Trump name removed from the building in 2015 and from the hotel March 5, 2018.[17] The hotel was temporarily renamed The Bahia Grand Panama prior to Marriott's involvement.[18]
On March 22, the Panamanian law firm Britton and Iglesias unsuccessfully petitioned Panamanian President Juan Carlos Varela to intercede and restore the Trump Organization's management team.[19][20]
On June 28, 2018, it was announced that the hotel would become a JW Marriott.[21] It was officially renamed on September 26, 2018.[22] As a JW Marriott property, the hotel currently lists amenities including restaurant and bar service, an outdoor pool, fitness center, meeting space, room service, and Wi-Fi.[23]
In June 2019 Fintiklis accused Trump companies of tax evasion.[24][25]
Gallery
JW Marriott Panama during construction in 2008
JW Marriott construction finished
Skyline view of Panama City, JW Marriott at left
JW Marriott side view from street
See also
- List of tallest buildings in Panama City
- Spinnaker Tower – similar structure in Portsmouth, United Kingdom
- Vasco da Gama Tower – similar structure in Lisbon, Portugal
- W Barcelona – a similar-shaped skyscraper in Barcelona, Spain
- Sail Tower – a similar-shaped skyscraper in Haifa, Israel
