Property Id:
713
Date Published:
2008-11-02
Times Viewed:
902
Property Category:
Panama City
Property Type:
House
Property Status:
For Sale
Property Size:
116m2
Property Price:
$240,000 - $240,000
Year Built:
2009
Rooms:
Bedrooms: 2
Bathrooms: 2
Property Description:
This condo hotel, near completion (Mar 2009), and well located for access to Corredur Norte - the Panama Canal, will definitely be a very popular hotel for those doing business with any Canal-related business, with easy access to the expansion site at Miraflores, the new US Embassy, the regional HQ for the U.N.and to downtown Panama City without the hassles of the traffic and congestion. The location also accessible to Tocumen Int'l airport, the National Metropolitan Park, and is adjacent to the upscale shopping center, Camino de Las Cruces. It is an ideal location to meet the increasing demand for hotel space in the City--hotel occupancy has been at 80-90% occupancy in all of Panama's high and mid-range hotels. Demand is ever incresing as such name brands as Proctor & Gamble, Dell, 3M, Caterpillar, and Nabisco all have regional HQ located in Panama. Royal Caribbean will begin in Dec 2008, using Panama as a cruise ship embarkation point.The hotel will be managed by the Callen Group (www.hidevelopment.com), who currently manage high quality hotel chains such as Hilton and Crowne Plaza world-wide, therefore a completely hassle free investment. The management group will provide owners with audited annual statements.
Room rates are expected to be in the vicinity of $180/night, providing potential rental returns of approximately 20%. Its only true competitor in the area is the Country Inn & Suites in El Dorado.
The rooms are large with large balconies and full kitchenettes, providing business and leisure travelers with the comforts of home with the amenities of a hotel.
Additional Information:
Central Park Inn & Suites will offer 4 star service and amenities - high end bar and lounge, fully equipped business center, concierge service, gym and fitness center, spa, pool, and restaurant. Full shopping and additional restaurants are located adjacent in the Camino Del Cruces shopping center.
There are eight units per floor - 116m2 units to be rented as suites that can be locked off and rented as two separate rooms of 58m2 (624 sq ft) with private balconies and high end furnishings and finishes.
Comparable units (60m2) in Trump Tower = $400,000 and in Nikki Beach = $300,000 and in Megapolis (unit wo kitchenette) is $200,000. In this price of 260,000, it actually is TWO LOCK-OUT SUITES OF 58M2, each with kitchenette.
The rental income is 70% to the owner, and a low admin. fee of 4%. Most comparable programs offer a 60/40 split AFTER the operator deducts the maintence fee and operating cost which transcends into approx. 20% to the owner.
NO PROPERTY TAX FOR 20 YEARS AND RENTAL RETURNS ARE income TAX FREE.
Yes, books will be open.
Each unit (approx 112 sq m) divides into 2 hotel rooms
