$50 million Investment Announced in Tourism Development

The Government of Panama sold for $19 million a plot of land measuring 17 acres in Punta Batele to a company associated with London Regional.

Monday, April 14, 2014

According to a resolution of the Cabinet Council of Panama from April 8, 2014, "... Ridgebell International, SA will develop at the site No. PS01-5 Punta Batele, a project for a high quality resort which encompases ecological preservation, which includes creating a hotel component, beach club, residential development consistent with the topographical conditions, social areas, ecotourism and environmental assessment (including canopy and nature trails, etc.), general amenities such as swimming pool, gym, restaurant, bar, spa and complementary structures. This project will be integrated with and complementary to the ongoing development within the Panama Pacific, by London & Regional (Panama) SA "..." with a minimum investment of $50 million. "

The plot sold to Ridgebell International is part of the land known as Reverted Properties, and was offered at public auction for an initial price of $38 million, then for $27 million, and due to a lack of bidders for the eventual price of $19 million.

More on this topic

$175 million Resort

November 2015

A plan is being made to develop residential buildings and a 614 room hotel complex in a 25 acres area ​​in the touristic area of ​​Rio Hato, Panama.

The promoter of the project, Agro Playa Blanca SA, detailed in the Environmental Impact Assessment (EIA) submitted to the Ministry of Environment, that the development will be called "Agro Playa Blanca Phase II", and will be built in Rio Hato, district of Antón, province of Cocle.

El Salvador Sells Land for Beach Hotel

January 2013

A property belonging to the Salvadoran Tourism Corporation will be offered to companies with experience in tourist oceanfront management.

Laprensagrafica.com reports that "The Minister of Tourism, Napoleon Duarte, presented yesterday to the Committee of the Legislative Assembly details of a proposed sale of state property in order to build a hotel."

Florida Ice Withdraws from Tourism Project in Costa Rica

January 2012

The company has announced its withdrawal from the Peninsula Papagayo tourism project in the Guanacaste Province.

The company owned a "minority share" of the project.

Corporate Relations Director of Florida Ice & Farm CO. Inc. (Fifco), Gisela Sanchez, explained in a press release that: “‘In line with strategic thinking regarding controlling the projects in which the company invests, we will now have the advantage of having full control over the development of large lot in the northern sector of the Papagayo peninsula. "

Honduras: $250 Million Investment in Roatán

December 2009

Pristine Bay Resort, a touristic complex spanning 180 hectares, is being built in Roatán.

The project will be developed over the next 10 years, and includes a golf course designed by Pete and Perry Dye, two five star hotels and residential units.

Pablo García Salas, sales manager, told Elperiodico.com.gt: "The first phase, currently under construction, consists of 70 lots, 30 villas and 16 condos.

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