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I just received the formal notice regarding the reduction in CAM charges. For residences it is reduced from $4.05 to $2.84 / M2. As you say, a step in the right direction. CAM charges for the Hotel and commercial spaces have been significantly reduced as well.Originally Posted by EdBowers
Eric has inherited his father's gift for lying.
'as Eric Trump in a December interview in Capital Finaciero remarked “we as the hotel administrators are incredibly happy about the last six months. Our occupancy and success rate was 160% higher than what we had projected'
Inside Trump Ocean Club 2012 - Panama Guide
It's only a matter of time before PC has their own reenactment of that Hollywood movie, "Towering Inferno" or was it "Raging Inferno"? Not to mention the undeniable possibility of an earthquake (no matter how slight) although Panama is touted as earthquake free. No way I would live in one of those high rises.
You probably should stay away from cruise ships and airplances too!
What you don't understand is that the time one spends on a cruise ship or an airplane is a very small fraction of the time one spends in one's primary residence which increases by many orders of magnitude the probabilities that one will be present at the time of a disaster. Compounded by the fact that the highrise will freely burn while the bomberos look up helplessly from below while chatting on their cellphones. Don't say I didn't try to warn you.
and that is why everyone living in them should take up base jumping . but you also need to remember you only need a parachute if you intend to do it more than once .
Deleted - Nothing whatsoever to do with the topic of this thread
*watches on munching popcorn*
He actually might be telling the truth. If they projected a 10% occupancy rate and they hit 16% -- they're "160% higher than projected".
That is a good observation Matt, I am still puzzled however to what Eric means by 'success rate'?
I believe it is the rate at which the building collapses under its own weight, success meaning it hasn't happened yet.
I don't doubt that in Jan-Apr THE HOTEL will be fairly full.
The rest of the year, FORGET ABOUT IT.
AND, the hotel may be happy, the Owners will not be.
Is there anyone who has factual knowledge of the exact situation of Newland in the project... are they still involved or have the bondholders elected to have another company represent their interests? Where is Trump on all these issues as they unfold?
Trump? you do know it was just a franchise right? He is working on a deal for "Trump Moon" with Gingrich
The Trump organization is administering both the condo hotel and the residences. Coincidentally, we have started pre-sales on the "Trump Moon" project, please contact us to get on the list. The project is already over 80% sold out!!
This is priceless.
"If you must say yes, say it with an open heart. If you must say no, say it without fear.
I'll have to pass on this one as well Kent, the atmosphere in Panama suits me better. But I am sure someone here will jump right at another opportunity with the Trump name on it.
that is so true , just look at the ones that jumped at TOC panama LOL
That would be a 70 / 30 split on hotel income in favour of the owners Kent?
Does anyone have any info on Panama taxes on condo/hotel units? I have heard that there is a Panama tax (small business enterprise tax)?
What is the best way to minimize taxes on these types of real estate holdings?
thanks for any help.
Here is how much the Trump brand is worth.
Las Vegas Hotels: $89 -- Trump Las Vegas: 5-Star Suite incl. Weekends, 45% Off | Travelzoo
So any word from investors as to their experience with their units post-closing? Also, interested to hear what the scuttle-but is on the rate of defaults and status of the Newland/bondholder negotiations...
Nothing is happening. The developer is sticking to his guns so far. Maybe he has enough resources to survive the crises and will expect his original expectations to bear fruition. We on the other hand will test his will.
Bills vs. Will
Sounds to me like they're renting out condos for $1800 a month. Whose condos? Who knows.
Rent or Lease Trump Ocean Club Condos in Panama - Trump Ocean Club Panama, Panama Real Estate – Luxury Condos, Apartment & Suite Hotel For Rent
well i rented my bayloft for $2400 and its going very smooth.
so start price of $1800 sounds reasonable to me (bayloft is by far a preferred unit).
now with the maintanance going down its even better yield.
however, as for the beach club.... well, at this point i prefer that it would never get built (save us all 14k).
Lawsuit pending, bad google translation but there is also a link to the original article in Spanish.
Pending Lawsuit Against Trump Ocean Club Panama | PA Tourism, Panama Investment News
So any great ideas on breaking impasse between Newland and bondholders that will put this projest on a proper footing? Seems to me if each side continues not willing to concede an inch to each other or to the prospective investors they will only succeed in having this project fail on a massive scale.
Sounds like Newland (Roger Khafif) has agreement with 85% of the bondholders that would permit him to continue to control the project. What has been promised them to make them willing to allow Newland to stay in charge of development and sales is unclear. What is clear is that Lundgren - owner of 15% of the bonds - has had his fill with Newland (and its poor construction oversight in terms of both schedule and cost, poor marketing, poor judgment in setting maintainence charges, etc.) and wants them gone for good. I would too. Foreclosure of the mortgage securing his 15% bond apparently is possible. Lundgren expects others to follow, which would increase the pressure on Newland to get out of the picture before it causes more harm through its mismanagement. I'm amazed any of the bondholders would want Newland to continue in any capacity whatsoever.
Just rec'd:
Newland International Properties Corp. Announces Support from Holders of its 9.50% Senior Secured Notes due 2014 to Allow the Completion of Construction of Trump Ocean Club.
Panama City, Panama April 2, 2012 – Newland International Properties Corp., developer of the Trump Ocean Club in Panama City, Panama, is pleased to announce that a majority of holders of its 9.50% Senior Secured Notes due
2014 have approved a Consent Solicitation amending the indenture governing the Notes to permit the release of company monies to fund the remaining construction of the Trump Ocean Club, including work on unfinished units.
Construction of the project, which is over 95% complete, should be finalized by July 31, 2012.
Carlos Saravia, Chief Operating Officer of Newland, indicated that “this approval mitigates the remaining project risk, providing assurances to current and potential condo and hotel unit buyers, the brokerage community, and critical mortgage finance providers, as well as potential investors in other areas of the building, including the casino and commercial spaces. All parties can move forward with the confidence that the remaining unfinished units will be completed.”
Approval of the additional funding should allow the Company to turn its focus to its longer term goal of a broad financial restructuring of the Notes, which it continues to work on in conjunction with the Steering Committee. The Company views approval of the Consent Solicitation as an important step in an overall financial restructuring of the Notes.
*
Any idea what this means?
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