Marriott is to open a Renaissance hotel in Panama in 2011 under a management agreement with Hotel Properties of Panama, Inc. In addition, Marriott plans to expand its existing properties and to add two additional hotels, tripling its presence in the country, over the next 30 months to five hotels and 1,200 rooms.The 300-room Renaissance Panama Hotel Financial District will be located in the heart of the financial district on a prime site immediately adjacent to the existing 295-room Panama City Marriott to which it will be physically joined, enabling guests to easily walk from hotel to the other. The hotel will be part of a mixed-use project that will include two towers above a podium. One of the towers will house the hotel and up to 150 unbranded residential condominiums on the floors above the hotel. The second tower will house offices.
In addition to Hotel Partners’ new Renaissance property, the Courtyard by Marriott Panama will be expanded from 120 rooms to 248 rooms by its owner, Grupo Poma that is also opening the 150-room Courtyard by Marriott Panama near the Los Pueblos Mall in 2010. Meanwhile, Caribe Hospitality plans to open the 100-unit Residence Inn Panama in 2010 for extended stay travelers. Final agreements on both the Courtyard by Marriott Panama and the Residence Inn Panama are expected to be executed within the next 60 days.