International edition
August 02, 2021

Owned by Manuel Lao

Nortia to invest us$ 250 million in a casino hotel in Panama

(Panama).- Nortia Real State, owned by businessman Manuel Lao, president of Cirsa group, has decided to invest 192 million euros (almost us$ 250 million) in a big hotel in Panama City, a project that promotes in this edition Barcelona Meeting Point Real Estate.

L

ao informed about the project last week, in a dinner that gathered in Barcelona several personalities related to the economic and financial world and also counted with the presence of Second Vice President of Panama, Rubén Arosemena. Manuel Lao commented to the press: "Now that Cirsa is consolidated, a big project like this is mi pending issue”.

The hotel will be called Megapolis Nortia Tower and will have 74 stories with 2,200 rooms in 190,000 sqm. Besides, it will include a 5,000 sqm casino and other services like gymnasiums, restaurants and congress palaces.

In fact, Barcelona Meeting Point offers the commercialization of rooms to investors, which may acquire a room in private property, condominium, but manager by the same operator. “It is what Donald Trump does- with regards to the sale of Plaza as New York apartments – and when I saw it, I thought, I can do it too”, said Lao.

Lao justified this offering to small investors because "at this moment, people have money, not banks. If banks had money, they would lend it to us”. The businessman defined the operation as a “good business”, and affirmed that Panama represents one of those opportunities that offer moments of crisis.

The profitability offered to investors is a 20% a year previous taxes, to 15 years, with a financing of up to 60% offered by banks located in Panama, however, such profitability depends on annual income that Megapolis Nortia Tower may obtain.

The promoters of the project insist that the Panamanian capital counts with a hotel capacity of 3,650 rooms, which in three years will exceed the 7,000 rooms, but added that the demand will be greater in the near future, due to the economic impact that the expansion development of Panama Channel will have in the city.

"There are no motives of immediate concern on the economy of the country,” assured Arosemena, who added that “there is a powerful real estate sector, together with a solid financial sector and a solid tourist sector". Nortia Real State collects 2,400 million euros annually, has presence in 70 countries and plans that this new Panamanian hotel will be operating in three years.

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