The owners of the Trump International Hotel in Panama once again control the luxury property that Trump Organization officials had refused to hand over, ending a days-long standoff at the president's only hotel in Latin America, The Associated Press reported.
Trump's security guards also left.
"Today, this dispute has been settled by the judges and the authorities of this country", Fintiklis, a Miami-based private equity investor and head of the hotel owners' association, said, according to Reuters.
"This is a purely commercial dispute that just spun out of control", Mr. Fintiklis said in a brief impromptu news conference in the hotel's lobby.
The Trump Hotel's website had ceased offering direct bookings at the hotel by early Monday afternoon.
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A number of police officers arrived on the hotel premises Monday to resolve the dispute in Fintiklis' favor, although it is unclear if their presence was directly related to a prior ruling against the Trump Organization. The Trump Organization said it had appealed against the decision. The company had a management deal in place with Fintiklis and his firm until 2031. "Looking back, it is now apparent that Mr. Fintiklis, in flagrant violation of the commitments he had made, never had any intention of keeping his word and had been plotting a takeover and termination of Trump Hotels all along".
"Our investment has no future so long as the hotel is managed by an incompetent operator whose brand has been tarnished beyond fix", Orestes wrote to his fellow hotel owners in a January email obtained by the AP.
Trump Organization security abandoned the property.
A representative of the Trump Organization did not immediately respond to a request for comment.
Fintiklis and the owners of the hotel tried to remove the Trump name from the building previous year in an effort to fix low occupancy rates.
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Panamanian authorities reportedly ruled that the hotel owner could take control of the hotel's administration. The hotel opened in 2011.
A Panamanian judicial official told the AP a statement would come later in the day.
Trump officials denounced Fintiklis' efforts to take control of the property as "thug-like, mob-style tactics" and pledged in a February statement they would not give in to "bullying and the use of force".
Fintiklis plays a piano at the lobby of the Trump Ocean Club International Hotel and Tower in Panama City on Monday. That included the administrative offices and the hotel's closed caption security system, which was housed in the condo association within the same building. More than a half dozen of Trump's security officials were seen leaving the hotel.
The Trump Corporation, owned by the family of U.S. President Donald Trump, has demanded compensation in Panama for alleged damage from local legal actions against its interests, in a confrontation with violent episodes that continues today.
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