An agreement has been made to give tax exemptions to Aerotel SA, part of Empresas Bern, for the construction of the Hotel Crowne Plaza Aeropuerto, near Tocumen International Airport.
Prensa.com reports: "Empresas Bern will benefit from tax incentives, according to the provisions of Resolution No. 078 of June 7 in the official newspaper, a total exemption for a period of five years from import tax on construction materials, and 10 years for furniture, fittings and equipment. "
The mini city has become a target for locating companies in offices which now cost $3000 per square meter.
According to an article in Prensa.com "Up to the second half of 2012 there were 139 shops in Costa del Este, with an unemployment rate of 2.23%, one of the lowest in the capital, according to figures from CBRE Panama, consultant real estate. "
During that same period, there were 50,539 meters square under construction, representing one of the submarkets with the greatest amount of development in this location.
Starwood Hotels & Resorts Worldwide introduced the Westin brand in Panama by opening two hotels in the next two years.
The Westin Playa Bonita Panama, just 20 minutes from downtown, will be ready in 2011 and Panama Westin Hotel in the heart of the business district in the capital city will open in 2012.
Both hotels operate as franchised properties from Starwood Hotels & Resorts Worldwide Inc.