News
La Quinta to invest $25m in 13 new hotels
One of the largest hotel operators in the United States is coming to Panama. La Quinta “limited-service hotels” recently announced that Interoceanic Hotels Inc. will build a whopping 13 La Quinta hotels, totaling 500 rooms throughout Panama. The total investment is $25 million dollars and the building process will take seven years.
The flagship property for La Quinta in Panama will be in Albrook in the Centro Comercial PanCanal. In addition there will be La Quinta hotels in El Valle and on Isla Grande. Previous reports from La Quinta specified Tocumen airport, Coronado, and Las Tablas as possible locations. This move is the first for La Quinta outside North America, where the company operates in Canada, the United States, and Mexico.
Confirmed La Quinta hotel locations are Albrook, El Valle and Isla Grande.
The Dallas, Texas based company is the largest operator of limited service hotels in North America with more than 750 hotels, 65,000 rooms, and 9,000 employees under the La Quinta and La Quinta Suites brands.
Contracts were signed March 10 with ground breaking soon to take place in Albrook. In announcing the venture Lincoln Garcia, President of Coldwell Banker Premier Real Estate, said “We are delighted to bring La Quinta to Panama. Panama is a dynamic, growing hotel market and we are impressed with La Quinta’s value proposition as a partner in development as well as guest service.”
La Quinta’s president and CEO, Wayne Goldberg, said, “We are pleased by the continued strong pace of our franchise growth in spite of the challenging economic environment. We welcome Lincoln Garcia and his team to the La Quinta family!”
La Quinta launched its franchising program in 2001. In the last nine years the company has signed more than 600 franchise agreements including several projects in Mexico. The company states that its rapid pace of growth makes La Quinta a top franchise choice and the industry leader in the mid-market segment.
La Quinta has high standards of customer service and the ability to attract tourism to Panama. The hotel promotes excursions, incentive travel, business meetings, and vacation travel to thousands of travel agencies and corporate travel services.
ACP wins big award for finance deal
LatinLawyer magazine gave its 2009 Project Finance Deal of the Year award to the Panama Canal Authority (ACP) and its advisors, Shearman & Sterling and Arias & Lopez for successfully negotiating the $2.3 billion dollar Canal expansion financing package.
The award was presented in Sao Paulo, Brazil at LatinLawyer’s annual “Deal of the Year” Awards. These awards recognize the best business deals in Latin America among five different categories: project finance, disputes, corporate finance, mergers and acquisitions, and restructuring.
Alvaro Cabal, in-house counsel for the transaction, accepted the award for the ACP. “It is an honor to receive this recognition on behalf of the ACP and the magnificent team that engaged in demonstrating the strength, well-founded legal framework, stability and transparency of the organization,” said Mr. Cabal. “Securing the Canal expansion financing in the midst of a volatile global economy is testament to the commitment of everyone involved and the confidence in well-established legal framework and the solid management of the waterway and this project. We are indeed making history with this precedent.”
The deal includes financing from the Japan Bank for International Cooperation, the European Investment Bank, the Inter-American Development Bank , the Andean Development Corporation and the International Finance Corporation.
Panamanian stars visit sustainable cooperative
Former Miss Universe Justine Pasek (L) and Margarita Henriquez (R),
who won the Latin American Idol singing competition, pay a visit to a sustainable
agricultural project in the Panama province.
The Grandes Pasos nutrition board is a non profit agency whose primary goal is to fight poverty and malnutrition in rural areas of Panama through the promotion of sustainable agriculture projects throughout the country. Grandes Pasos representatives, including former Miss Universe Justine Pasek, world-famous boxer Roberto Duran and Latin American Idol winner Margarita Henriquez, visited one such cooperative in Las Gaitas, District of Capira in the Panama Province recently.
Las Gaitas is a five-hectare operation that grows pineapples, bananas, rice, beans, cassava, chickens, and fish. The cooperative consists of 14 families. Grande Pasos currently is helping 314 such farms in Panama’s nine provinces and benefiting more than 31,000 families. For more information on this charitable project, visit www.patronatodenutricion.org.
American Airlines in Panama wins Customer Experience Cup
Employees of American Airlines in Panama have won the airline’s Customer Experience Cup. The Panama team was awarded the cup based upon data collected from satisfied customers. Panama ranked high in general travel comments, baggage handling, arrival time, and the readiness of satisfied travelers to recommend American to others.
Patty Andrade, the airline’s director in Panama, said that “it is an honor that our team in Panama has been recognized by the company for service excellence in 2009.” Ms. Andrade credits the “effort and dedication of our employees” for the award.
American Airlines, American Eagle, and American Connection serve over 250 cities in 40 countries worldwide with a combined fleet of over 900 aircraft. American is one of the founding members of Oneworld Alliance which serves more then 700 destinations in over 130 countries across the globe.
Venezuelan jeweler new to CFZ
Gold, silver and precious stones at Argyros Inc.
Fine jewelery available for retail and wholesale purchase at Argyros Inc. in the Colón Free Zone.
Argyros Inc. is bringing its 30 years of experience with gold and silver jewelry, precious and semiprecious stones, and accessories in Venezuela to the Colón Free Zone (CFZ). The company opened its doors in January on Calle 15 next to Silver Crown. Agyros sells quality products and provides excellent after-sale service to its retail and commercial clients.
This jewelery wholesaler and retailer prides itself in finding new alternatives in jewelry and accessories for its commercial clients who become commercial partners. Visitors to Calle 15 in the Free Zone will find that Argyros Inc.’s friendly staff prides itself in exceeding customer expectations. For more information, visit www.argyros.com.pa. Contact at info@argyros.com or 447-3175.
Important advertising notice
Furnishing and decoration special edition series
From April 16 to May 13, The Visitor will publish a four-part special edition series about furnishings for the home and decorations. With many foreigners moving to Panama each day, this in-depth report will serve our resident readership as a guide to making their homes beautiful.
- Themes to be covered:
- Furnishings & Decorations
- Appliances & Technology
- Interior Designers
- Home Improvement
A very attractive promotion available for advertisers who wish to access the foreign buyer market by taking part in this special series.
Call 225-6638 or write focusint@sinfo.net for details.
Oscar Night at the US Embassy
Ambassador Stephenson, Madeleine Leignadier.
US Ambassador Barbara Stephenson held an Oscar party at her residence in La Cresta for the 82nd Academy Awards on Sunday, March 7. Guests watched the awards and enjoyed cocktails, but not before passing down their own red carpet, dressed in full gala. The Visitor brings you some of the evening’s top images.
Embassy personnel: Thomas Mesa, Shaleen White, Judith S. De Leon,
Irasema Valdes, Javier Rodriguez, Angela de la Cruz,
Belsi Medina and Dalys de Gracia.
Ana Gretel de Lewis Navarro, Ambassador Stephenson, and Samuel Lewis Navarro.
Isthmian Update
Some of the news in Panama
Martinelli’s Middle East
statement makes waves
President Ricardo Martinelli’s recent statements on his trip to the Middle east have caused a stir. The daily La Estrella reported that the National Christian Coalition of the Holy Land asked the Arab League to declare Martinelli a “persona non grata” for stating that Israel is the “guardian” of Jerusalem. The president later explained himself, saying that “a bad translation” led to the misunderstanding, and that “Jerusalem is the capital of the world because there are all religions there.”
On his visit, the president met with Minister of Strategic Affairs, Moshe Yaalom, and the Defense Minister Ehud Barak, to assess the political situation in the Middle East and Latin America. An additional report stated that Martinelli reviewed the possibility of intensifying cooperation programs in the areas of security and intelligence.
Panama in on Central America’s European Union trade deal
The European Union approved the formal integration of Panama in the negotiations for a trade association agreement with Central America, where until now the country had only participated as an observer since the process began in 2007. The EU has agreed to change the mandate of the negotiation that required that negotiation take place exclusively with the Central American bloc, represented by the Central American Economic Integration Secretariat, to which Panama does not belong.
Success in City
of Knowledge
The City of Knowledge (La Ciudad del Saber) has become a “hotbed” for new ideas. To date 67 companies based in this special zone have established a presence in the international market. Together, these companies represent an annual investment of $90 million. A livestock conference will be held at the City’s Convention Center on March 13.
Access to $1.8 billion
On Monday the incorporation of Panama as a full member of the Corporación Andina de Fomento (Andean Development Corporation or CAF) was formalized. The meeting was held in Caracas, Venezuela, where the XLI Ordinary Meeting of Shareholders of the CAF was being held. Panama will have access to up to 15% of the loan portfolio maintained by the CAF, about $1.8 billion.
Back to school
Some 800,000 students returned to public schools this week to begin the 2010 school year today. A pilot program has been launched to change the education system. Tenth graders at 62 schools are part of the Ministry of Education (MEDUCA)’s new program
Slow recovery in CFZ
The daily La Critica reported slow economic recovery in the Colón Free Zone (CFZ), stating that largest import-export area in the Americas has not shown very satisfactory results during the first two months of the year, according to its users. Also, at the end of 2009, increased delinquencies in the loan portfolio of CFZ companies is at a three year high, $4.3 million.
Taiwanese bank open
again in CFZ
Taiwan’s largest bank, Mega International Commercial Bank, has reopened its doors in the Colon Free Zone (CFZ). The Economic Counselor of the Embassy of Taiwan in Panama, Gregory Huang, said the bank has been in the country for more than 30 years, and the CFZ branch was undergoing a remodel.
Panama to chair trade
deals at WTO
For the first time, Panama will chair the Committee on Regional Trade Agreements of the World Trade Organization, a position held by Alfredo Suescum, Ambassador and Permanent Representative of Panama to the World Trade Organization (WTO), it was announced yesterday by the Ministry of Commerce and Industry.
Toyota to review models
in Panama
In the wake of the Toyota Motor Corporation recall crisis, the national dealership, Ricardo Perez SA, will review the Prius, Avensis and Sequoia models, all 2010.
All eyes on Canal banks
The daily La Prensa reported that a “magnifying glass” is on the Canal expansion project and more recently on the 4,925 hectares surrounding the waterway that have not been fully developed, stating that this is fertile ground for mounting maritime service, logistics and tourism companies. Mentioned areas were the lands of North Sherman, Fort San Lorenzo and Corozal West.
Pullmantur at Colón 2000
The Spanish cruise ship line Pullmantur will be the second to use Colón 2000 as its home port. Columbia Tours, representing the shipping company in Panama, is promoting the new cruise ship, which will begin the first operations there next October.
Bank profits dropped in ‘09
Net income for the banking center in Panama registered a drop of 22.4% during 2009, compared with the previous year, representing a drop of $266 million. Last year profits were at $919 million, while in 2008 the total amounted to $1.18 billion, according to figures from the Superintendence of Banks of Panama (SBP).
Promotion in Texas
Panamanian companies participated in a first round of business promotion in the city of Laredo, Texas, presenting the benefits and advantages that an exporter to Central America may have by using the logistic platform of Panama as a leading step for export products.
Expocomer compliment
“In these troubled waters that we sail today in Latin America, Panama is known for having become a safe haven for all who seek to anchor in an economy with stability and confidence,” said the former president of El Salvador, Francisco Flores, who was background speaker at the opening ceremony of the Expocomer 2010 trade fair held last week at ATLAPA Convention Center.