The hotel sector in Panama was positively affected in 2010 with the construction of several new hotels. According to several sources, this drastic growth will continue in 2011. The panama based F&F Properties Company announced that it recently closed an agreement with the international chain Grace Hotels for the administration of a boutique hotel of 60 rooms that will be constructed in Panama. Executives of F&F Properties indicated that the estimated cost of the hotel will be 18 million dollars. Its opening is planned for April of 2012. The Grace hotels group comprises of the Libra Group, a world-wide conglomerate owned by the Greek family Logothetis, who made their fortune in the marine transport business. Besides the Grace Hotels, F&F Properties is constructing the high rising Hilton Panama Panama and the Panamera, that is a brand of the Waldorf-Astoria hotel chain, which also belongs to the Hilton Hotel chain. The Hilton Panama will have 350 rooms and the Panamera will operate under the concept of a condohotel with 130 rooms and 120 apartments. Another project that will initiate construction this year will be the hotel the Americas, built by a Colombian company, it will cost $60 million.

 

Source: LA PRENSA

Author: Alex E. Hernandez