As someone who use to own a condo in PTY and has been there many many times I am pretty familiar with the market. I do not like the location of the Trump property at all. Very sterile, surrounded by other high rise condos. The view is not that great either. I did visit friends there and was underwhelmed.
I adore the American Trade Hotel. While I did not stay there I did a site inspection with the sales manager. its gorgeous. the pool is small but it will keep you cool. I love the location though it gets crowded and noisy at night but then again you are in the center of the old city.
For old world I also liked the Bristol. For points use the Waldorf.
There are amazing restaurants in Panama City also.