DOING BUSINESS IN
PANAMA
CITY
by Mark Chesnut
Gazing out from the sleek, high-rise Miramar InterContinental
hotel—one of the preferred local addresses
for visiting dignitaries and celebrities—it’s
easy to mistakenly think you’ve landed in Miami.
Countless skyscrapers soar toward the clouds, and construction
sites promise even more to come. Panama City may have
been founded nearly 500 years ago, but its forward-thinking
attitude is more than evident along the waterfront.
Granted, locals warn that some of these
new towers are built as money-laundering endeavors,
and may never be filled with residents, but as a destination
for travelers, this Central American hotspot is already
packing in visitors. In 2007, Panama City boasted the
second-highest hotel occupancy rate in the world, second
only to Perth, Australia. Fifteen skyscrapers, a trend-setting
new museum, and thousands of new hotel rooms are slated
to open by 2012. What’s causing the fast growth?
Part of the city’s success is attributable to its
role as a hub for business travelers, thanks to the
international banks and corporations that maintain a
presence here. Panama City, however, is also attractive
for leisure travelers, including gays
and lesbians. According to the recently
renamed Autoridad de Turismo Panama (ATP), tourist arrivals
in Panama increased 12.2% in the first quarter of 2008
over the same period a year earlier, and most of those
travelers spend some time in the capital city.
Panama may also be attractive to some
travelers because of its close relationship to the US
economy. The US dollar, in fact, is the official currency
here, although dollars are often called Balboas, and
US coinage is interchangeable with coins minted in Panama.
One of the nice surprises is that, while the currency
is the same, you definitely get more for your money
in Panama than in the United States, making it an attractive
value destination for shopping, dining, touring, and
going out.
ROOM AT THE INN
The downside of the massive demand for hotel rooms,
for now at least, is that Panama City is not a cheap
place to stay, compared to other destinations in the
region. Record-breaking hotel occupancy means that hotels
can charge more, and even mediocre properties can easily
run between $70 and $100, if they’re in a good
neighborhood. Shopping for specials and packages can
still yield some decent deals.
Among the city’s best hotels is
the Miramar InterContinental, which soars dramatically
above the waterfront, offering some of the city’s
best views.
The Hotel El Panamá, which
was designed by Edward Durell Stone (the architect behind
the Kennedy Center for the Performing Arts in Washington
D.C. and other 20th-century modernist masterpieces),
dates to 1951; it’s lost some of its 1950s designer
chic, but the hotel has large rooms, a beautiful swimming
pool, and is well located in the district called El
Cangrejo.
The ATP has approved some 27 new hotels
and 8,000 new rooms to come online around the nation
in 2009 alone, and most of the development is taking
place in the capital region.
Among the largest local hoteliers to
announce expansion is Bern Hotels & Resorts, which
already owns several properties in the capital area.
The company is finishing up work on the Le Meridien
Panama, a 118-room property located across the waterfront
Balboa Avenue from the elegant Miramar InterContinental,
which Bern also owns. The new hotel will have a spa,
rooftop swimming pool, bar, and restaurant.
Also planning to expand is the Bristol,
a member of the Leading Hotels of the World. With conservative
luxury and excellent service, the Bristol is one of
the city’s finest luxury properties, and it will
open a new tower in 2010.
 Additional
brands scheduled to unveil properties in Panama City
include Nikki Beach, which will open a 55-story
hotel to complement its new beachfront resort outside
the city. Also preparing for a 2010 debut is the Trump
Ocean Club International Hotel & Tower, set
in a dramatic, sail-shaped, high-rise tower; The
Orchid, a 17-story, 174-room property; and Buddha
Bar Hotel & Spa Panama, the project of a style-conscious
hotelier that has chosen Panama City as the site of
one of its first three properties.
Even the historic city center is slated
to get a few more hotel rooms, with construction underway
on a new 140-room luxury hotel that incorporates the
façade of the long-closed Hotel Central,
right on Plaza de la Independencia, one of the city’s
landmark squares. Just a block away is the Canal
House, a beautiful, gay-friendly property that opened
in 2007 with three luxury suites.
GETTING BRANDED
It’s no secret that increasingly restrictive
entry and visa regulations have made it more difficult
for some foreigners to visit the United States. So where
do wealthy Latin Americans fly when they can’t
get to Miami? The answer, in many cases, is Panama.
Panama City is now home to three large
shopping malls: The upscale Multiplaza, which
has a trendy new food and entertainment area called
Las Terrazas; Multicentro, the mid-priced, centrally
located mall; and Allbrook Mall, the massive
shopping complex that is expanding yet again, and features
a handful of upscale retailers along with a wide array
of affordable shopping options. Jimmy Choo, Diesel,
Armani Exchange—they’re all in Panama City,
and often at more reasonable prices than in the States.
Anyone looking to pick up something
more authentically Panamanian will find plenty of possibilities.
Panama’s local crafts include ceramics, wood and
stone carvings, molas (colorful embroidery made by the
Kuna Indians), and chaquiras (multicolor bead necklaces).
Many of these items are available at craft shops and
tourist attractions like Mi Pueblito, a tourist
complex with three themed “villages,” each
representing a different aspect of Panamanian culture
and history, traditional Panamanian, Antillean, and
Indigenous, and each with its own shops and restaurants.
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