THE QUEEN HOTEL

Paitilla
34m² , 1 Bedrooms , 1 Bathrooms

Property Id:

1011

Property Location:

Paitilla - Click Here to map it

Property Category:

Panama City

Property Type:

Hotel room

Property Status:

For Sale

Property Size:

34m2  - 69m2

Property Price:

$136,000  - $275,600

Rooms:

Bedrooms: 1

Bathrooms: 1

Property Description:

COMING SOON! New hotel, centrally located in Paitilla with casino! • This hotel will house 324 rooms comprised of 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) All rooms will have the 20 year property tax exemption STANDARD 34M2 136,000 1-A SHARE & 1 B-SHARE JUNIOR 41M2 160,000 1-A SHARE & 1 B-SHARE SUPER 68M2 (2 STANDARD SUITES CONNECTED BY A DOOR) 272,000 2-A SHARES & 2 B-SHARES MASTER 68.9M2 275,600 2-A SHARES & 2 B-SHARES A SHARES: voting shares B SHARES: profit sharing from the common areas that generate income (casino, restaurants, barber shop,etc) Based on a low projection of 1.5M income/yr divided by 324 rooms = $4,629 additional income per owner per year D SHARES: include the retained rooms by the founders ( min of 36, from which 75% of the profits will go to the B shareholders, adding $2,433 income. Price of each standard unit is $2,650/m2 based on each unit also owning: 1. 9 M2 of the casino (3000m2 divided by 324 rooms) 2. 9 M2 of the common income generating areas 3. 3.7 M2 of the 36 rooms retained by the founders 4. 34 M2 of one standard room, 41 M2 of one Junior suite, 68M2 of one super suite, 68.9M2 of one Master suite (super and Master suites also own 2 ea of A and B shares, thereby generating a higher percentage of the common areas.) Note: Actual cost per M2 could be less, dependent on founders retaining more rooms - current projection is 50 rooms) Owners of B SHARES are entitled to use of their suite one week per year at 50% the cost per night or at the lowest rate. • Basic Net profit after the 10% tourist tax at 120/night = 50% of 26,280 or 13,140 plus profits from shares - see above. • • 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. 11% deposit to escrow at 2-4% interest rate 2. 11% due on the first day of construction 3. 11% due 6 months after the start of construction 4. 11% due when the structure is completed 5. 11% due 6 months after the structure is completed 6. 11% due on closing and furnishing of the units 7. 34% 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% INTEREST and will be credited to the final payment. All payments will remain in the Bank until 230 units are sold (no risk) 80 rooms have been pre-sold - at this time 150 are remaining for sale. • • 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. All units will have a 20 year management contract with Bronix.

Amenities:

Valet Parking

24 hour Manned Security

Swimming Pool

Sundeck

Workout Facility

Spa Facility

Visitor´s Parking

Concierge Service

Events / Party Room

Disco / Nightclub

Casino

Bar

High Speed Internet

Social Area

Restaurant in development

Floor Plans:

Additional Information:

More info on ROI and shares to follow

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 home ports 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.

Mortgage Calculator:

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Area Calculator

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Agent Info:

Name: City Office Email Address: city@panamasolrealty.com Phone Number: USA/Canada 1-888-906-7340 Office +507.263.9705 Mobile Number: +507.6219.6351