13 new La Quinta Inn’s to open in Panama

13 new La Quinta Inn’s to open in Panama

Just when you thought Panama could not take another hotel, along comes a fellow with a plan for 13 more. Of course brand recognition will be a plus, but with occupancy levels on the decline, you would think investing in hotels might be risky. After all, many of the announced hotel projects have yet to finish construction and they were set to nearly double Panama’s room capacity if I recall correctly. But I guess when you are the center of the universe, there will always be a demand that will outstrip supply.

More brings more, I always say.

Excerpts from La Prensa;

The map shows where they have planned there projects.

ROBERTO GONZALEZ JIMENEZ
rgjimenez@prensa.com

The La Quinta hotel franchise landed in Panama with an ambitious project which includes construction of 13 hotels throughout the Republic in the next seven years.

The local investor Lincoln Garcia, president of Interoceanic Hotels, and Rajiv Trivedi, head of Development and Franchising for La Quinta, signed yesterday the contract for the development of the franchise in Panama.

In total, plans to invest about $ 30 million and the addition of more than 500 rooms at the hotel offer nationally.

The first hotel will be in the capital, in the Albrook mall PanCanal owned by the same employer, and will have 140 rooms. This complex could begin construction later this year and open to the public in mid 2012.

The company also acquired land for their developments in Ilha Grande, Coronado and El Valle, which projects smaller hotels, about 30 rooms.

The other nine locations are: David, Aguadulce, Colon, Bocas del Toro, Pedasi, Santiago, Las Tablas and Chitre Penonomé.

The contract was executed in three phases, each of which provides for the construction of 170 rooms.

Although Garcia is currently the sole investor, says he is open to partnering with local entrepreneurs, “preferably in the areas where hotels are developed.

Trivedi said Panama’s economic growth, political stability and the projection of multiplying foreign investment over the next 10 years as some of the attractions to start its journey in the country.

It aims to fill a gap “between luxury hotels and those cheaper”, taking into account the existence of a growing middle class that travels.

Panama will be the first country in Central America and the second in Latin America in having the offer of La Quinta, a mark established in North America.

Based in Dallas, Texas, the franchise has more than 750 hotels in USA, Canada and Mexico under the brands La Quinta Inn and La Quinta Inn & Suites.

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