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Posted on October 24, 2012
Donald Trump, the U.S. billionaire real-estate developer, is seeking to put his name on hotels in Argentina and Brazil as he expands his brand in Latin America.
Uruguay, Costa Rica and Mexico are also possibilities for hotel development as trade growth for the region equals China, said Eric Trump, executive vice president of development and acquisitions at Trump Organization Inc.
The Trump Ocean Club in Panama City, the company’s first hotel (2706) outside the U.S., is attracting guests even after a boom in hotel construction in Latin America’s fastest-growing economy, he said in an interview in Panama City yesterday.
“We play at such a different level than all those other hotels, it’s not really affecting us,” said Trump, who is Donald’s 28-year-old son. “If you look at the hotel guests, it’s all executives.”
Newland International Properties, the Ocean Club developer, is continuing “friendly discussions” with bondholders after defaulting last year on $220 million of debt to construct the 70-story hotel and apartment complex, he said.
Panama’s gross domestic product expanded 10.4 percent in the second quarter from a year earlier on construction and a $5.25 billion widening of the Panama Canal.
To contact the reporter on this story: Eric Sabo in Panama City at email@example.com
To contact the editor responsible for this story: Joshua Goodman at firstname.lastname@example.org