In Panama, a Home in the Mountains

December 2, 2007

By KEVIN BRASS

ALTOS DE CERRO AZUL, Panama
The terrace of Rachelle and Ben Smith’s home is one of the few places on earth with views of both the Pacific and Atlantic oceans. On clear days, they sit there and watch the ships line up to enter the Panama Canal.

The area is also something of a bird paradise. Ornithologists regularly lead tours through the valleys, hoping for glimpses of the toucans, migratory birds and rare hummingbirds that regularly visit the treetops in the Smiths’ backyard. “The rope across there is for the monkeys,” Mr. Smith said, pointing to ropes strung through the tall pines around the house, near platforms covered with sliced bananas and bird feed.

The couple paid $150,000 in March 2006 for their three-bedroom, three-bath home. The house is situated on two acres of land, and it is a little more than an hour’s drive from Panama City.
In 2003, after Mr. Smith — who goes by “Smitty” — sold his plumbing business in Jacksonville, Fla., the couple spent three years living on a 38-foot sailboat called the Seawolf. But two years ago, while they were visiting relatives in the United States, their boat was destroyed by Hurricane Wilma.

Their initial search for a new home focused on the Caribbean and Costa Rica. But then they met Marie Farrell, a Panama native and an agent with ReMax in the Jacksonville area.

Fast-growing Panama is generally considered an easy place for foreigners to buy property, compared with other countries. English is commonly spoken, the United States dollar is the accepted currency, there are no restrictions on owning land in most areas and the government offers a long list of friendly discounts for pensionados, expatriates who have settled in Panama.
For the Smiths, Panama had an extra appeal — no hurricanes. “We were sick and tired of running from hurricanes,” said Mrs. Smith, 52.

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Hard Rock International comes to Panama

This is great news for Panama tourism. And guess what, there is a residential component (condo/hotel) to the project. Thanks to Martin Sosa for sending me this release.
"The Seminole Tribe of Florida and Seminole Hard Rock Entertainment, are very proud to announce the first Hard Rock Hotel in Central America," says Jim Allen, Chairman of Seminole Hard Rock Entertainment. "Panama, known as 'the Bridge of the World,' will continue Hard Rock's ongoing commitment for international expansion in interesting and strategic locations."
Hard Rock International and Lagomar Resort Announce Development of Hard Rock Hotel Panama Vibrant Resort Property to Offer a Four-Star, Luxury Environment Combined with Unique Rock Vibe 27 November 2007
ORLANDO, Fla., Hard Rock International and Lagomar Resort, S.A. announced today plans to develop a Hard Rock Hotel in Farallon, Panama. Hard Rock Hotel Panama will be situated along Playa Blanca Beach in Farallon. The newest location will be reflective of the luxurious brand, as well as Hard Rock's ongoing strategy to accelerate expansion of their properties worldwide.
With broad views of the Pacific Ocean, the resort will provide outstanding oceanfront views along 1,200 feet of Panama's coast. The tropical location, combined with Hard Rock's renowned, luxurious quality standard, offers another unique destination resort for one of the world's most globally recognized brands. This is Hard Rock's first hotel property in Latin America.
"The Hard Rock brand continues to expand to locations that offer key attractions including climate, beaches and natural beauty," said Hamish Dodds, president and CEO, Hard Rock International. "We feel this ideal Latin America location will be of interest to our growing clientele, and foresee this as a strategic business adventure reflective of Panama's developing tourism sector."
Hard Rock Hotel Panama will offer 445 luxurious guestrooms that range in size from 530 square feet, to 1,910 square foot 'rock-star suites' -- a signature trademark of the Hard Rock brand.
"We are excited to bring the Hard Rock Hotel experience to these pristine Pacific beaches," says Wayne Bryan, CEO of Lagomar Resort, S.A. "It's the right place to invest, with perfect weather and a forward-thinking government. Additionally, Hard Rock's blend of luxury and lifestyle provide an unparalleled visitor experience."
The surrounding natural landscape, including miles of sparkling white sand beaches, towering palms, and flowering plants indigenous to Latin America will undoubtedly serve as a complimentary backdrop for the hotel property and its amenities.
Several food and beverage outlets are planned for the resort, which will include a lobby bar/lounge and three unique restaurants inside the hotel. A luxury health spa will be open for guests, offering incomparable spa treatments exclusive to Hard Rock for visitors to unwind. Additionally, a business and conference center will be available, providing 25,000 square feet to accommodate large meetings. A smaller ballroom will also be on-site for more private, intimate affairs.
"The Seminole Tribe of Florida and Seminole Hard Rock Entertainment, are very proud to announce the first Hard Rock Hotel in Central America," says Jim Allen, Chairman of Seminole Hard Rock Entertainment. "Panama, known as 'the Bridge of the World,' will continue Hard Rock's ongoing commitment for international expansion in interesting and strategic locations."
Currently experiencing a real estate boom, properties in Panama are rapidly increasing in price and turning the country into a seemingly excellent destination for investments. Spectacular wildlife, scenic clouds forests, and beautiful beaches provide a wealth of options for travelers interested in water sports and leisure, or relaxation.About Hard Rock International With 121 high-energy Hard Rock Cafes and nine Hotels/Casinos in 47 countries, Hard Rock International is one of the world's most globally recognized brands. Beginning with an Eric Clapton guitar, Hard Rock owns the world's greatest collection of music memorabilia, which is displayed at its locations around the globe. Hard Rock is also known for its collectible fashion and music-related merchandise, Hard Rock Live performance venues and an award-winning website. In addition to the two flagship Seminole Hard Rock Hotels and Casinos in Tampa and Hollywood, Fla., Hard Rock Hotels/Casinos are located in Las Vegas, Biloxi, Orlando, Chicago, San Diego, Pattaya and Bali. Additional hotel and casino projects have been announced in Macau and Penang, both scheduled to open in 2009; Palm Springs and Atlanta, both scheduled to open in 2010; and Dubai, scheduled to open in 2011. Hard Rock International, Inc. is owned by Seminole Hard Rock Entertainment, Inc. For more information on Hard Rock, visit www.hardrock.com.About Lagomar Resorts, S.A. From the rain forests of Costa Rica to the desert oasis of Las Vegas, the Lagomar team brings a wealth of experience in envisioning and building world-class lifestyle destinations. Lagomar resorts boast everything from trend-setting design and environmentally-friendly construction to innovative financing in an effort to create a rewarding experience for everyone from guests to investors. For the past two years the team has been focused exclusively on the Panama project, covering thousands of miles of coastline to find the ideal place for a luxury resort destination. Together with the Hard Rock Hotel, Lagomar Resorts are committed to bringing an unequalled, ecologically conscious vacation experience to visitors from around the world. For more information on Lagomar visit www.lagomarpanama.com.

Investment propels a real estate boom for Panama

Stability and a steady growth rate are helping to transform this regional hub.
By Sara Miller Llana Staff writer of The Christian Science Monitor

November 26, 2007

Panama City - The hilltop view overlooking the former Howard US Air Force Base in Panama says it all. The vacant barracks will be the site of a $10 billion minicity slated to be the size of Central London. Just beyond the hills, the Panama Canal is undergoing a $5 billion expansion, and in the background cranes hang over new skyscrapers that seem to rise every week.
Panama, it seems, is in its prime.

Once overlooked as nothing but a canal, this tiny Central American nation of 3 million is attracting residents, businesses, and investors the world over. Some are seeking a haven from political situations in the region. Others are jumping on what they see as one of the best investments around. But as the government markets itself as the Latin American lodestone, many caution that the city is growing too quickly out of its own infrastructure.

"We are the geographic hub of the Americas," says Ivan Carlucci, the president of the Panamanian Association of Real Estate Brokers and Developers, adding that 11,000 new units will come online this year. He boasts that 99 percent have already sold. Some say that speculators have fueled the boom, but Mr. Carlucci says he expects the real-estate market to maintain its momentum because of other large infrastructure and industrial projects throughout the country. "We will be sustained by all the other aspects."

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A day in Panama City— brand-new skyscrapers, and a colonial quarter

Nov. 13, 2007, 12:56PM
By ARTHUR FROMMER King Features

Still reeling from the fact that our Panama City hotel had a full-scale casino of roulette wheels, blackjack dealers, craps tables and slots (nothing had prepared us for Panama's Las Vegas-style gambling), Roberta and I headed for our first morning in town to the city's outstanding quarter of colonial gems, the Casco Viejo district of 17th-century Spanish charm.

Preserved as the conquistadors left it, Casco Viejo vies with Old Havana and Old San Juan in authenticity — but it is beginning to leave the others behind with the restored beauty of its courtyards, and the sparkling tiles and marble that line many of the cafes, restaurants and shops that occupy these historic structures. Just as Panama City's downtown across the bay is transforming itself into a totally unexpected, skyscraper-packed Hong Kong, Casco Viejo is in the process of being restored into the most tastefully attractive area of the city.

Here the district is studded with fun gift shops (potholders and eyeglass containers in the strongly colorful designs — "molas" — of Panama's indigenous Indians, dolls in the ruffled long skirts of Panama's 19th-century women, feather-light Panama hats), the cafes and restaurants are gracious and courtly, the sight of the city's skyline across the water is stunning, the Presidential Palace (currently housing the Honorable Martin Torrijos) is the center of power and is surrounded by military — but friendly — guards, and the chief sightseeing attraction is the Museo del Canal Interoceanico (the museum that relates the history of the Panama Canal — although its inscriptions are in Spanish only, its many visual aids and movies are understood easily). The Canal museum is an indispensable stop, a necessary prelude to your visit to the Miraflores Locks later in the day.

After a $30 lunch for the two of us (including appetizers, main course, two Panama beers and dessert) at the elegant Mostaza Restaurant, we took a cab to the Miraflores Visitors' Center on the outskirts of town for a look at the actual workings of the canal. As we stood on a high outdoor balcony overlooking the Miraflores Locks, an announcer speaking over a loudspeaker in Spanish, English and French explained the intricate workings that lifts these giant vessels to different levels of the artificial waterway. Asian sailors stood on the deck of one enormous container ship, looking up at us tourists as we gazed at them and their ship.

From Miraflores, we visited not one but two successive marketplaces of Panama City, and bought gifts for relatives back home at prices that were a quarter the levels charged in the lobby gift shop of our hotel. The tourism of Panama is centered not simply in Panama City, but to a far greater extent in the picture-perfect, uncrowded beaches (with several large resorts) just outside Panama City, and in the renowned San Blas Islands, Pearl Islands and Bocas del Toro offshore islands, as well as on the Gulf of Chiriqui. It's found in the mountain stretches of Boquete, housing rain forests, coffee plantations, and Embera and Kuna Indians — a superb setting for tourism.

Just as Americans began flocking to Costa Rica a decade ago, they're now going to what might become the new hot spot of Central America, Panama. You should consider a trip.

Engineering giants vie for $5bn Panama Canal deal

Published: 14 November 2007

Teddy Roosevelt called the construction of the Panama Canal "by far the most important action I took in foreign affairs during the time I was president." Yet it was also one of the most bruising. His detractors derided the massive project as the worst brand of America's buccaneering, gun-boat, diplomacy. The New York Times labelled it "an act of sordid conquest."

Yet nearly a century after it stirred such controversy, the 50-mile passage cut through the isthmus of Panama to connect the Pacific and Atlantic oceans – one of the world's most ambitious engineering feats ever undertaken – is is need of a makeover.

A clutch of European and Asian construction and engineering giants, including Ferrovial, the owner of Heathrow airport, are putting the finishing touches on proposals to be submitted this week to the Panama Canal Authority (ACP) to cut a new third lane running alongside the two existing channels that are now too narrow to accommodate the world's largest ships. Interested bidders must provide detailed information proving their financial and technical capabilities by tomorrow to be able to enter the formal auction process for the $5.25bn (£2.54bn) project. The proposals are the first stage of the bidding process. Because of its sheer magnitude, companies are required to partner up in consortia.

The Spanish construction giants FCC and ACS have teamed up to put together a bid, while Italy's Impregilo has joined with Sacyr Vallehermoso of Spain, the Dutch giant Jan de Nul, and the Panamanian group Cusa to form a rival group. Ferrovial is examining the project, as is the domestic rival Acciona, but is still undecided whether it will enter the auction.

The project will be paid back through an increase in the fees paid by ships passing through the channel, which last year generated a total of $1.7bn for the ACP. Today, the canal handles 5 per cent of global shipping traffic with more than 14,000 ships passing through its locks, but it is rapidly reaching capacity. Fed by increasing demand from the east coast of the United States for cheap Asian goods, it will reach its maximum traffic load, on current trends, by 2012, raising the spectre of a bottleneck of freighters queuing up on either side of the isthmus.

The canal is no longer able to handle the newest generation of super-freighters, which have become too wide and heavy to pass through its locks. Under the project, a third lane will be dredged up alongside the two now in operation, doubling capacity. There will be a new set of locks fitted on either end to accommodate today's larger ships. Freighters were once built especially to fit through the canal. Called "Panamax" ships, they were designed to fit within the dimensions of the locks – 33.5 metres wide and 320 metres long. In recent years, however, an increasing number of super-freighters, not surprisingly labelled "post-Panamax", have been built. The new locks will be 55 metres wide and have a length of 427 metres.

"World commerce is dependent on the canal. And as we continue to stay the course on our expansion plans, we foresee the new lane of traffic along the waterway influencing the future of shipping," Dani Kuzniecky, chairman of the ACP, told the Panama state news agency. "We are fully committed to this project and believe that expansion will fuel growth in the logistics and transportation sectors throughout the region – and the benefits will be felt all over the world."

Companies and port authorities are already gearing up for the increase in traffic that the expansion will allow, especially in Florida, which is where many ships from Asia unload their goods. Yet as demand for commodities and other goods being fed by China and India continues to grow, even larger ships are now being built that are already beyond the canal's new spruced-up dimensions. The expansion is slated to be completed by 2014, marking 100 years since the French crane boat Alexander La Valley, tiny by today's standards, became the first vessel to sputter through the newly cut passageway.