Panama Hyatt to invest $50 million in two hotels

Hyatt to invest $50 million in two hotels for Panama
la prensa

The U.S. chain Hyatt has been contemplating operations in Panama for the past 10 years.

Fifty million dollars will be invested in the construction of two hotels, one in the banking area and one in Costa del Este.

Both hotels will be managed by the U.S. chain Hyatt, which has spent the last 10 years exploring the possibility of operating in Panama.

Josep Malca, President of Immobiliare Real Estate Development Group, which owns the project, said that in May of this year construction work will commence in the banking district and is slated for completion in 2012.

In this hotel, which will offer 167 rooms, the company will invest an estimated $22 million, while the 179-room project for Costa del Este is expected to run a tab of approximately $28 million, with construction scheduled to begin in 2011.

In terms of funding, 50 percent of the costs will be financed by three international banks currently operating in Panama and the remaining 50 percent will be paid by Immobiliare Real Estate Development Group and Hyatt Hotel.

Aside from these two hotels, the company is already contemplating the construction of a third hotel in the Canal area, and has not ruled out investing in the countryside.