Josep Malca, president of Inmobiliare Real Estate Development, owner of the financial district hotel, announced that construction would start on May and could be ready by 2012. Total investment in this project sums $22 million.
The other project, located in the coastline, would feature 179 rooms, cost $28 million, and its construction would start in 2011.
In addition to these two hotels, Hyatt plans another one close to the Panama Canal.
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The $25 million, 213-room Doubletreee Hotel by Hilton will open by the end of 2010.
Satis Patel, president of Blue Star Hospitality, the administrator of the franchise, remarked that the hotel will employ 200 people when it opens.
“Patel commented that hotel occupancy has been low in the past two years, as a result of the global crisis, but the situation has not been as bad as in other countries where they operate”, reported pa-digital.com.pa.
Affiliates of Global Hyatt Corporation and Aldesa Inmobiliaria have announced the signing of a management agreement for Park Hyatt Monte
del Barco in Guanacaste, Costa Rica, due to open in 2012.
The 140-room resort will be located in the bay of Culebra, within the province of Guanacaste on the Pacific coast of Costa Rica, where Aldesa together with US-based resort designing company Winding Road, are developing Monte del Barco, a premier luxury lifestyle estate.
With an investment of 50 million dollars, the developer Revat Group is building the luxury hotel Buddha Bar in Panama.
The project will be ready in 2010. The bulding will be 20 storeys high with 156 suites, three restaurants and a spa.
"Panama will be the site of the launching of other regional projects," said Victoria Castro, spokesperson for Revat.
It will become the first Waldorf Astoria hotel in Latin America; it is scheduled to open in the second half of 2011.
“The Panamera”, as it will be known, will be administered by Hilton Worldwide using the Waldorf Astoria brand.
John Vanderslice, luxury brand manager at Hilton Worldwide, said: “Introducing the first Waldorf Astoria in Latin America shows Hilton’s intention of growing in the region, bringing new brands to new markets”.