The property is finished and fully operational. It is a brand new Condo/Hotel nestled in a prime location. This is the second Best Western franchise hotel in Panama following the opening of Best Western David in the province of Chiriqui. This also happens to be the third completed condo hotel in the whole of Panama. Brisas de Amador (phases one and two) was the first successfully delivered investment property in Panama. The Best Western Hotel is located in the area of Espinar Colon, 500 meter from the 5-star Hotel Resort, Melia Panama Canal. It is just 10 minutes from Zona Libre Colon, the 2nd largest Free Zone Area in the world after Hong Kong. The Free Zone area has estimated sales of 11 billion dollars a year bringing along with it, 275,000 visitor/buyers per year. It is undergoing massive expansion to meet with the demand and will have doubled in size when finished. There is a lack of hotel and short rental accommodations throughout this area and prices are rising fast. There is a great demand for comfortable, fairly priced hotels with good amenities.
The hotel offers the following:
- Outside pool , bar and full barbecue area
- Sports bar with first level outside terrace and stunning indoor lounge. Snooker , darts and babyfoot table area.
- Itanello’s signature restaurant offering freshly cooked Italian and local specialities.
- Gym
- Business Centre equipped with 4 computers and printers
- The whole hotel is wireless and the service is complimentary.
- Plasma TV in every room
- Memory foam mattress and pillows
The Best Western Hotel is just 7 km from the Gatún Locks on Panama Atlantic Side and 10 minutes drive from the spot where extensive expansion is underway….
Why invest in Best Western Gatun?
- As mentioned earlier the expansion of the Freezone area.
- In the last Cruise season, the Port of Cristobal and the Port of Colon 2000 received more than 340,000 tourists. Royal Caribbean, as of December 2008, started to depart from Colon for weekly cruises to South America and Aruba. This year 2010, they are expanding their operations and adding a 7 days Caribbean cruise. Colon is now Royal Caribbean hub for the whole of Central and South America. The Best Western Hotel is located 10 minutes from the cruise terminal. An ideal position to accommodate the travelers before and after the cruise as well as the ones taking part in the cruise and stay program.
- Eco tourism and fishing. The hotel is located 1/2 mile from the Gatún Lake ( up to recently the largest man made lake in the world) with abundant Bass fishing. There is a rain forest at the back of the hotel with nature trails and guaranteed encounters with playful monkeys, beautiful butterflies and birds.
Other Tourist Attractions are plentiful and these are a few examples..…
- Fuerte San Lorenzo
- Fuerte Portobello
- Panama Canal Gatún Locks
- Isla Grande (a surfer’s paradise) and many Caribbean white sandy beaches.
The project is located in the bird watching path for migratory birds and great Eco tourism. However the hotel is situated 10 minutes drive from the spot where the Panama Canal expansion consortium is building a set of new locks. The hotel management has been approached by the consortium and a rate has been approved to book the hotel for a minimum of 4 years. Teams of Belgium engineers responsible for the dredging of the canal have already moved in, this is the first phase of an enormous task and the locals cannot see this project being finished under seven years.
Unit Pricing Fully Furnished
- Junior suites 24m2 $66,900 2 left
- Master suites 29m2 $75,900 1 left
- Master kitchenette 29m2 $86,900 1 left
- One bedroom apartment 46m2 $101,200 sold out
- Master lofts 46m2 5th floor $112,200 sold out
Your contract will show your purchase in the form of shares. The shares will be delivered in the form of a unit number.
This process guarantees:
- Total adherence to Touristic Law 8 –Rules and regulations
- Guaranteed Tax free income
- When reselling your unit you will be exempt from the 2% transfer tax.
- No closing costs will be involved
Methods of Payment Cash only at this late stage. 100% due at contract signature If you wish to proceed with purchase, please request our customer reservation form. It is important to fill in the form completely, please email or fax back to our offices. The contract will be sent from Panama by courier .You will have 15 days to review the contract . We are available to answer any queries you might have on this development or Panama itself.
BEST WESTERN HOTEL MANAGEMENT
The Hotel Management will charge a 30% fee for managing your property. You will retain 70% of the income generated Maintenance Fee is $2 per m2 per month including furniture, fixtures and equipment replacement. The fee will also take care of cleaning Electricity is the only other cost and should be around $45 per month The units are delivered fully furnished to the highest standard
MONTHLY RATES (Canal Personnel)
Unit 24 m2 $1,250.00 per month
Unit 29m2 $1,500.00 per month
Unit 29m2 (Kitchenette) $ 1,600.00 per month
Unit 46m2 (Kitchenette & Jacuzzi) $1,800.00/month
Unit 46 m2 $1,850.00/month (Living, Dining and Kitchenette)
Unit 54m2 $1,900.00/month (Living, Dining and Kitchenette)
ESTIMATED SALES PROJECTION EXAMPLE
Suite (29m2) with Kitchenette $1,600/month
100% occupancy this means $19,200.00 yearly income
70/30 cut gives owner $1,120.00 monthly
Owner XXX $ 1,120.00
Maintenance less 58.00
Electricity 45.00 (Estimated)
TOTAL $1,017 per Month
Hotel Operator duties for his 30% cut
Reservation, Check-in, Check-out, Telephone Service, Internet, Cable TV, Cleaning Services, Cleaning Supplies, Restaurant and Bar Services, Coin Laundry Rooms, Convenience Store, Towels and lining replacement, Accounting, Marketing and Sales, Administration. Yearly income of $12,204.00 will represent on a $69,000.00 suite a 17.69% return on Investment with a Real estate property that will appreciate in value every year.
No Property tax for twenty years!
No Tax on the revenue generated by the rental
*estimated not guaranteed
Plans, materials and specifications are subject to architectural and other revisions at the sole discretion of the developer, builder and architect. All dimensions are approximate and all floor plans and development plans are subject to change. Oral representations cannot be relied upon as correctly stating the representation of the developer. For correct representation make reference to documents required by article 20 of the Law # 5038 of 21 November, 1958, the Prospectus of Condominium, to be furnished by a developer to a buyer or lessee. This is not an offer to sell or solicitation of offers to buy the condominium units in States/Countries where such offers of solicitation cannot be made. Equal Housing Opportunity.
LOOK OUT FOR AMAZING NEW DEVELOPMENT FROM THE SAME EXCELLENT TEAM !!
WE ARE EXPECTING EARLY RELEASE BEFORE THE END OF 2010
I would like Bridgemon to contact me about this project:
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