The coming year is looking good for recent investments in Panama’s real estate and tourism industries. Soon, Panama will boast an even greater number of exclusive clubs, restaurants, and luxury hotels.
A key player in the impressive growth of Panama real estate is the recently arrived Nikki Beach. Nikki Beach, created by Michael Penrod, is one of the trendiest beach clubs in Miami, frequented by celebrities and models. Nikki Beach possesses facilities in Miami and Hollywood in Florida, New York City, Saint Bartholomy in the Caribbean, Cabo San Lucas and Puerto Vallarta in Mexico, Marbella in Spain, Sardinia and Saint Tropez in the Mediterranean, in Morroco, and now, in Panama. Two hotel projects will be constructed and will operate under the brand Nikki Beach, one in Playa Blanca and the other at the Amador Causeway.
Michael Penrod, the international representative of Nikki Beach, was in Panama the first week of December to attend the launch of Destiny Real Estate Sales & Marketing. At the launch party, Destiny Real Estate & Sales presented three real estate developments to be constructed in 2007, which will be primarily promoted to the United States market. The three real estate developments represent a combined investment of 110 million dollars.
The project Casa Grande Luxury Beach Community involves a total investment of 60 million dollars over its three stages. The project, administrated by Nikki Beach International, will be located in Playa Blanca and possess a Polynesian style residential community, including a 100-room condo hotel and resort. Construction will commence in January 2007 and the first phase is scheduled for completion in December 2007.
Nikki Beach will construct the Panama Canal Hotel & Spa on the Amador Causeway, between the Yatch Club and the soon-to-be Ghery Museum. Approximately 30 million dollars will be invested in the Panama Canal Hotel & Spa, and construction will begin mid-2007.
The arrival of Nikki Beach may attract a new crowd to Panama. Traditionally, Panama has been an attractive destination for retirees, baby boomers and snowbirds. However, the concept of Nikki Beach is quite distinct from these other groups. Nikki Beach is focused towards an exclusive market: People over 30 with purchasing power that want to have a good time in an exotic, unique environment.
Nikki Beach is exclusive property of Michael Penrod and his family, though at some of their clubs and hotels they do maintain strategic alliances with local investors. Also, they own their own magazine, music division, clothing line and television station.
How did Nikki Beach arrive in Panama? Raul Almeida, Puerto Vallarta’s Nikki Beach representative, reveals that they were in search of new markets when they met Rugiere Galvez, president of Destiny Real Estate, who proposed the ideal. After they visited Panama, the rest was a matter of sorting out the details.
Panama could be the new destination for this exclusive market of “jet setters.” Almeida, stressing the positive economic impact that these projects have on a region’s tourism industry, spoke about the group of individuals that travel to other countries for a weekend’s entertainment, and that Panama could soon become a hit destination for this distinct crowd.
Penrod, who spent his entire visit signing contracts with 5 new hotels that will operate under Nikki Beach, added that they plan to offer a place where tourists and personalities can come during the winter to have a good time.
Pendrod has seen in Panama an “international environment” and believes that Nikki Beach will complement those characteristics. His aspiration is to make “something big” in Panama, such as celebratory parties for film or fashion festivals, such as those in Cannes and Venice.
The above information was extracted from La Prensa.