UK Fund Starts Construction on Panama Resort Project
A London-based investment fund broke ground this week on a luxury hotel and residential development on a private island in Bocas del Toro, on Panama’s Caribbean coast.
The first phase of the Sarani Resort will include 37 hotel bungalow suites on Isla Pastor, but the larger plan calls for luxury homes and a hotel on the 75-acre site. The developer is Union Hanover, an investment focusing on projects in in North America and Europe, with $550 million in the development pipeline.
A couple of things makes this very interesting for us here in Panama City. For one, the investment from a U.K.-based company provides further evidence that Panama real estate is firmly on the map for global investors. Panama City already attracts investors from around the world, a trend that is growing. If you are interested in investing, here is one essential tip for buying real estate in Panama.
Several big international players are involved in the Sarani project, including Miami-based hotel operator Boutique Hospitality Management, which will operate and manage the resort. Boutique Hospitality was founded by Keith Space, who worked with Ian Shrager Hotels.
The property community should also note that Sarani another project moving forward, a sign that developers and investors remain bullish on the market. Development hasn’t ground to a halt in Panama, like it has in so many other parts of the world. Sarani was publically launched in 2012 and some observers almost certainly wondered if it would stall, given the global property climate. But this week’s announcement shows the project is moving forward.
Sarani will now be added to the long list of projects under development around Panama, as international money continues to flow into the country. Several more projects are in the works, right here in Panama City. The market is growing quickly. Stay tuned.
Duncan McGowan is president of Punta Pacifica Realty, a Panama real estate agency focused on Punta Pacifica, the exclusive neighborhood of 18 towers perched on the edge of the Pacific Ocean.
