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