Panama seek investment from European Hotel owners
European developers will visit Panama between January and February 2009 to get to know the country and to seek areas for investment.
Friday, December 19, 2008
The Panama Tourism Authority (ATP) recently held meetings with various European Hotel groups within the framework of the French Mipim Horizons fair, which is dedicated to the real estate market in regions with fast growth, the ATP reported in a press release.
Nortia Real State, Manuel Lao's real estate company and who is president of the Cirsa Group, will invest in a big hotel in Panama City.
With an investment of $569 million, several hotel projects are expected to be ready, 65% of them in the capital, by the end of 2009.
In recent years, more than $300 million has been invested in the hotel sector along the coastline of Punta Chame and Rio Hato.
Construction has started of a 100-room Marriott Courtyard and work will soon begin on a Hyatt Place which will have 120 rooms.
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