Carlos Salinas, the company's CEO, tells GlobeSt.com that room rates are more than $400. "There's a lack of an entertainment and night scene that we can fill," Salinas says. He says Panama is rapidly becoming the center of business in the heart of the Americas, and is enjoying growth comparable to Dubai.
The country is one of a few in Latin America that is well-positioned to experience growth, according to the 2008 Jones Lang LaSalle 2008 Latin America Transparency Index. "These economies (including Panama) are seeing increases in listed companies on their stock exchanges, stable macro economies and more open environments for free trade," according to the study.
The rooms at the new hotel will be 500 sf, with crystal-enclosed rain showers, Danish-made mosaic porcelain tubs, Egyptian linens and a Bose surround system with an included Ipod. The hotel will also include the Budda-Bar restaurants, pools and a sundeck.
The first phase of the project will have 60 rooms, Salinas said. A second tower, with another 115 rooms, will be completed by 2010, he says. The company is also working on Buddha-Bar projects in the Dominican Republic, Caracus, Venezuela and Brazil, as well as overseas in Prague, Salinas says.
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