QUEEN HOTEL
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QUEEN HOTEL

sold / $136,000

Id#: 1011
Listing type:
Condo Hotel

Status: Sold
Price: $136,000.00
Listed: 2009-07-02

Beds: 1
Baths: 1
Size: 0m2 | 0ft2

 
  Punta Paitilla, Panama City

Property Description

COMING SOON!

New hotel, centrally located in Paitilla with casino!


• This hotel will house 324 rooms: Standard, Junior Suite, Master Suite, Super Suite (2 rooms – one with one bed and one with 2 beds can be locked off and sold as 2 rooms)
• Cost of all suites is 136,000 which affords the buyer shares and all will have the 20 year property tax exemption
• Net profit after the 10% tourist tax at 120/night = 50% of 26,280 or 13,140
• Profits will be paid quarterly 
• The shares = partnership in the hotel, not just the purchase of a room
• Projected incomes on this investment to follow.


• Payment plan:
1. 15,000 deposit to escrow at 2-4% interest rate
2. 15,000 due on the first day of construction
3. 15,000 due 6 months after the start of construction
4. 15,000 due when the structure is completed
5. 15,000 due 6 months after the structure is completed
6. 15,000 due on closing and furnishing of the units
7. 43,000 balance due at completion – 2-2.5 years
8. If a buyer pays the total amount up front, a 10% discount will apply and no interest will be paid.

Note: Payments after the initial payment will earn 6% and all payments will remain in the Bank until 150 units are sold (no risk)
 
• The top floor will house 3 apartments – 1 for the casino or an investor / 1 for the founders / 1 for the hotel GM
• Owners can use the apartment one week/year at 50% of the cost per night or at the lowest rate.
• Administration company is signed – Bronix will take 4% of the gross profit and 4-12% of net profit depending on income


The construction of this hotel is based on upcoming demand:
1. 12,000 new beds will be required by 2012 and there are now just 5000 in the pipeline
2. The new law that allows companies doing over 200M to bring profits from subsidiaries located outside Panama tax-free. Panama is the only country in the world that allows this.
3. Ciudad del Saber (City of Knowledge) has attracted many companies with the tax benefits of locating there
4. Royal Caribbean (who homeports in Panama) is now allowing trips to be booked through 2012. Princess Cruises has requested and additional 48 stops in Panama.
5. Panama does not require a US Passport for cruise passengers to take tours in Panama.
6. The Canal in one year will require 2000 additional workers and eventually will attract new marine companies when completed.

Property Amenities

• 24 hour Manned Security
• Bar
• Casino
• Concierge Service
• Disco / Nightclub
• Events / Party Room
• High Speed Internet
• Restaurant in development
• Social Area
• Spa Facility
• Sundeck
• Swimming Pool
• Valet Parking
• Visitor's Parking
• Workout Facility

Visitor reviews

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contact information

City Office

Address: Panama Sol Realty - City Office
Office: USA/Canada 1-888-906-7340 Office +507.263.9705
Cell Phone: +507.6219.6351
Email: city@panamasolrealty.com

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