Posts Tagged ‘Panama’

JW Marriott to raise its flag in Panama City

The tallest building in Panama set to rebrand in September 2018

PANAMA CITY, June 28, 2018 /PRNewswire-HISPANIC PR WIRE/ – Ithaca Capital today announced that the iconic Bahia Grand Panama Hotel in Panama City, housed in the tallest building in Panama and Central America, is set to become a JW Marriott® hotel.

The hotel, which originally opened in 2011, has been operating as an independent property since March 2018. Ithaca Capital, Hotel ToC and Marriott International signed agreements to rebrand the hotel as a JW Marriott, under a long-term management contract with Marriott International.

“We are thrilled that our hotel will operate as a JW Marriott and we believe that this partnership, together with a talented team and spectacular hotel amenities, will be a success. We look forward to welcoming new and returning guests to this iconic property,” said Orestes Fintiklis, managing partner of Ithaca Capital.

At 284 meters height (932 feet), the property’s modern architecture has become emblematic of Panama City and its skyline. Located at the ocean front of Panama City’s prestigious Punta Pacifica neighborhood, close to the banking, commercial and entertainment areas, the hotel offers the seclusion and privacy of an urban oasis.

Guests will be able to enjoy three world-class restaurants, a popular bar (Cava 15), an expansive pool deck and a state-of-the-art conference facility. Averaging 600 square feet each, the hotel’s 369-rooms are the largest in the city with many directly on the oceanfront enjoying open views of the Gulf of Panama and the city’s skyline.

JW Marriott is part of Marriott International’s luxury portfolio and consists of superb and distinctive properties at key urban and resort locations around the world. Today, there are more than 80 JW Marriott hotels in over 25 countries and territories.

“Marriott International is proud to partner with Ithaca Capital for the re-launch of this iconic hotel in Panama City, a growing gateway city and a critical hub for Latin America. This hotel will represent the twelfth operating JW Marriott branded hotel in our region, catering to sophisticated travelers, seeking the world-class JW Treatment™,” said Laurent de Kousemaeker, Chief Development Officer, Marriott International, Caribbean & Latin America Region.

About Ithaca Capital
Ithaca Capital is a real estate investment company, founded by Orestes Fintiklis, with a focus on hospitality and residential real estate assets in the East Coast of the United States and northern part of Latin America. Recent investments of Ithaca Capital include the soon-to-be rebranded Bahia Grand Hotel Panama as well as a portfolio of Courtyard by Marriott® hotels in the Dominican Republic and Costa Rica.

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Panamanian Estate on 34-Acres Scheduled for April Sale with Platinum Luxury Auctions

MIAMI, March 23, 2016 /PRNewswire/ – On April 16, 2016, U.S.-based real estate auction firm Platinum Luxury Auctions will offer a Panamanian property known as Finca la Pagoda (literally, “Villa Pagoda”) at a live auction sale. The property was previously asking $2.3 million, but will now be sold to the highest bidder without reserve, and regardless of the high bid price. While Platinum has compiled a lengthy track record of success in the sale of multimillion-dollar properties located throughout the United States, the firm has successfully handled a number of auction transactions throughout Central America and the Caribbean territories.

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Finca la Pagoda, which derives its name from the Japanese-influenced exterior architecture of its main residence, occupies more than 34 acres in the Chiriquí province of the Panamanian Highlands. It is located within a short drive of Chiriquí’s vibrant capital city of San José de David (often referred to simply as “David”). Sitting at an elevation of 3,500 feet, the property presents striking views of Panama’s tallest mountain, the Volcán Barú, and even provides a glimpse of the Pacific Ocean on a clear day.

“This is a very inspiring and peaceful property that’s perfect for those looking for a place to literally and metaphorically stop and smell the roses,” noted Brad Pruitt, Platinum’s director of business development. “There are orange groves, countless flowers and natural plants, and unbelievable views of the surrounding mountains,” he added. “I think it’s the only time our videographer complained that his camera work just couldn’t capture the beauty or essence you experience while on-site.”

The grounds feature a fully zoned irrigation system, which services all of the property’s many gardens and its greenhouse. Finca la Pagoda also possesses permanent water concession rights – a very rare feature that allows for commercial water bottling and distribution. An auxiliary electrical plant provides power to the entire property.

The property’s 6,700-square-foot main residence offers four bedrooms, a library, formal dining room, family and living rooms, and a study. An oversized master suite spans the entire upper floor. Additional features of the main residence include restored wood ceilings, terrazzo floors imported from Cuba, and a wooden parquet staircase. There is also a separate pavilion/gazebo that offers a kitchenette and two half bathrooms, and has accommodated as many as 70 guests for dining and entertainment. A guesthouse adds two bedrooms and one full bath, and is ideal for housing staff or overnight guests.

Property previews begin April 2, 2016 and will be held daily from 12pm to 5pm until the date of the auction. Interested parties may contact Platinum Luxury Auctions at 800.262.5132 or visit to obtain a bidder’s brochure for the auction.

About Platinum Luxury Auctions
Platinum Luxury Auctions is a market-leading auction firm specializing in the non-distressed sale of multimillion-dollar properties within and beyond the United States. While being dedicated to a quality-over-quantity approach, the Platinum team has closed more than $445 million in luxury real estate auction sales, and has consulted on more than $1.5 billion in additional luxury properties worldwide. Platinum is responsible for developing the luxury auctionSM model for the sale of luxury real estate at auction.

CONTACT: Christian Rizzo, Upspring PR, 646-722-8146

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