InvestorPackage Photos

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PANAMA COMMERCI AL
PRIME HOTEL & CASINO
OPPORTUNITY IN BOOMING
PANAMA CITY, PANAMA
500,000 Sq Ft Building ! 26,738 Sq Ft. Casino Floor
Exceptional Location with Spectacular
Panoramic 360 City Views
Contact: Allison Dowdy - President
415.373.0458 (US) - 507.832.5583 (PA) - 6481.9908 (Cell)
HomesandLandPanama.com - C21allison@gmail.com
Allison Dowdy - President
415.373.0458 (US) - 507.832.5583 (PA) - 6481.9908 (Cell)
HomesandLandPanama.com
C21allison@gmail.com
Panamas Premier Commercial Real Estate Brokerage
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PANAMA COMMERCI AL
Hotel & Casino Investment Analysis
Panama City, Panama
2
The information contained in the following Prospectus is
proprietary and strictly confidential. It is intended to be reviewed
only by the party receiving it from Allison Dowdy - Homes and
Land Panama and should not be made available to any other
person or entity without the written con-sent of Allison Dowdy -
Homes and Land Panama. This Prospectus has been prepared to
provide summary, unverified information to prospective
purchasers, and to establish only a preliminary level of interest in
the subject property. The information contained herein is not a
substitute for a thorough due diligence investigation. Allison
Dowdy - Homes and Land Panama has not made any
investigation, and makes no warranty or representation, with
respect to the income or expenses for the subject property, the
future projected financial performance of the property, the size
and square foot-age of the property and improvements, the
presence or absence of contaminating substances, PCB's or
asbestos, the compliance with State and Federal regulations, the
physical condition of the improvements thereon, or the financial
condition or business prospects of any tenant, or any tenants
plans or intentions to continue its occupancy of the subject
property. The information contained in this Prospectus has been
obtained from sources we believe to be reliable; however, Allison
Dowdy - Homes and Land Panama has not verified, and will not
verify, any of the information contained herein, nor has Allison
Dowdy - Homes and Land Panama conducted any investigation
regarding these matters and makes no warranty or representation
whatsoever regarding the accuracy or completeness of the in-
formation provided. All potential buyers must take appropriate
measures to verify all of the information set forth herein.

All inquiries related to this property should be directed only to the
designated listing agent:

415-373-0458 (US)
507 832-5583 (Panama)
c21allison@gmail.com
www.HomesandLandPanama.com
415.373.0458 (US) - 507.832.5583 (PA) - 6481.9908 (Cell)
!"#$%&'()*
PANAMA COMMERCI AL
Panama City, Panama
3
Property Highlights
Located in the heart of the economically booming Panama City,
Panama in the thriving Downtown Financial District, this 500,000
square foot hotel and casino offers a spectacular opportunity to
capitalize on the cities rapidly growing economy.

Featuring 27 floors with 304 oversized guest rooms, 26,738+/-
square feet (2,484 sq meters) of Casino floor with slots, table games
and sports book, and 60,000 square feet of hospitality and
conference facilities including (3) restaurants, ballroom, conference
room, 26th floor sky bar, Salon/spa/fitness center, swimming pool,
and business center.

Investment Summary
The Property is priced at $75M for both the Hotel and Casino, or
can be separated with the Hotel only priced at $55M and the Casino
at $20M. The savvy investor will see the immense upside potential
on this investment, with Panamas GDP Growth at 10.7% and overall
economy expanding exponentially.
1
Panama is being touted as the
Fastest Growing Economy in Latin America
2
, and for good
reason. The projected casino Net cash flow per year for year 5 is
$8,366,716.
415.373.0458 (US) - 507.832.5583 (PA) - 6481.9908 (Cell)
4
Panama's Economy Will Grow Over 5 Percent In

2014, Making It The Fastest Growing Economy
In Latin America.
- PATRICIA REY MALLN, INTERNATIONAL BUSINESS TIMES
415.373.0458 (US) - 507.832.5583 (PA) - 6481.9908 (Cell)
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PANAMA COMMERCI AL
Panama City, Panama
5
Hotel Features Breakdown
For a more in-depth analysis, please see page 13 of this package.

500,000 Square Feet (46,450 Sq Meters)
27 Floors
304 Oversized Guest Rooms
26,738 Square Foot Casino with Slots, Table
Games and Sports Book
60,000 Square Feet of Hospitality and Conference
Facilities, including: (3) Restaurants (+1 in Casino),
Ballroom, Conference Rooms, 26th Floor Sky Bar,
Salon/Spa/Fitness Center, Swimming Pool, Business
Center
Indoor Valet Parking
415.373.0458 (US) - 507.832.5583 (PA) - 6481.9908 (Cell)
!"#$%&'()*
PANAMA COMMERCI AL
Panama City, Panama
6
Casino Features
This property features 26,738 square feet of casino floor in an
economy where gambling is big business. The casino industry in
Panama is healthy and alive, and this project aims to capitalize on its
popularity.

356 Slot Machines
26 Table Games
10 Mystery Progressive Jackpot
VIP Gaming Lounge
Sports Book Lounge
Restaurant and Various Bars
Entertainment Showroom and Stage
415.373.0458 (US) - 507.832.5583 (PA) - 6481.9908 (Cell)
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PANAMA COMMERCI AL
Panama City, Panama
7
The Vibrant Panamanian Economy
This property presents a spectacular opportunity for the investor
seeking a unique asset in an incredibly vibrant economy. The goal of
this project is to develop a world-class, luxury hotel & casino in the
heart of this bustling city, catering to top-tier business travelers and
tourists. With its large rooms, central location, and full spectrum of
amenities and entertainment options, this property aims to provide
visitors with an ultimate hospitality experience.

The Republic of Panama has experienced enormous growth over the
past 5+ years and continued growth is expected. It continues to be
one of the most popular retirement and tourism destination for
Americans, and business is booming as the expansion of the
Panama Canal progresses and more multinational corporations
establish new headquarters. Thousands of professionals visit Panama
City annually in conjunction with these business and tourism
activities, creating a strong demand for hotels and actively driving
the hospitality industry.

Panamas visitor growth is evidenced and will be further supported
by the plane expansion of Tocumen International Airport. The
expansion, with a budget of nearly $700M, will allow a total airport
capacity of 15 million passengers per year and includes a new
control tower, 20 new gates, a new parking lot, and direct access to
the Corredor del Sur.
V
Various other major projects are underway in Panama City as rapid
development continues. Some of the most exciting of these include:

Casco Viejo: The old city has seen a massive surge in recent
investment. Its historical buildings are being restored to their original
beauty, revitalizing the neighborhood and reinstating it as a center of
culture and history.

The BioMuseo: Designed by famous architect Frank Gehry, the
BioMuseo promises to be a new national landmark that will
showcase Panamas incredible biodiversity.

A Panama City metro system construction is underway, and is
scheduled for completion by the end of 2014.

The expansion of the Panama Canal is also complimented by
planned dock expansions to accommodate increased cruise ship
trafc, which will also contribute to continued tourism growth.

415.373.0458 (US) - 507.832.5583 (PA) - 6481.9908 (Cell)
!"#$%&'()*
PANAMA COMMERCI AL
Panama City, Panama
8
Panama Investment - Tax Incentives
The following tax incentives have been granted to this project by the
Panamanian Tourism Institute:

- Complete exemption for a period of twenty (20) years from import
duties, levy, encumbrances or rights of any denomination or class, which
may be imposed on the introduction of materials, utensils, furniture,
equipment, boats and automotive vehicles with a minimum capacity of
eight (8) passengers.

- Exemption from land tax for a period of twenty (20) years counted as of
the date of registration in the National Tourism Registry. This exemption
shall cover all the real property belonging to the company.

- Exemption of the company from all tax or encumbrance on its capital.

- Exemption from the payment of docking taxes or any rates for landing
in docks, airports, or heliports of their property, built or rehabilitated by
the company.

- Exemption from the payment of income tax on the interest earned by
creditors in operations designated to investments in public lodging
establishments.

- For the purposes of the calculation of the depreciation of real property,
a rate of 10 percent (10%) per annum shall be permitted, excluding the
value of the land.

415.373.0458 (US) - 507.832.5583 (PA) - 6481.9908 (Cell)
CASINO OPERATING BUDGET
(THOUSANDS OF DOLLARS)
DETAIL
YEAR YEAR YEAR YEAR YEAR
1 2 3 4 5
TOTAL INCOME FROM OPERATIONS 14,529,768 17,123,700 19,070,024 20,762,312 23,155,976
Income Slot Machines
Slot Machines 350 350 350 350 350
Daily income per machine 90 105 120 130 150
Days of Operation Per Year 364 364 364 364 364
Gross Income Per Year 11,466,000 13,377,000 15,288,000 16,562,000 19,110,000
Income Live Table Games
Amount of Live Table Games 19 19 19 19 19
Daily Income per Live Table Games 600 750 800 900 950
Gross Income Per Year in Live Table Games 4,149,600 5,187,000 5,532,800 6,224,400 6,570,200
TOTAL GROSS INCOME GAME 15,615,600 18,564,000 20,820,800 22,786,400 25,680,200
MINUS:
GAME TAX: slot 18% and table games 12%2,561,832 3,030,300 3,415,776 3,728,088 4,228,224
NET INCOME GAME 13,053,768 15,533,700 17,405,024 19,058,312 21,451,976
OTHER INCOME
Bar , Restaurants
Food and Beverage Sales 720,000 780,000 840,000 900,000 900,000
Cortesy in F & B 960,000 1,020,000 1,020,000 1,020,000 1,020,000
Total Income 1,680,000 1,800,000 1,860,000 1,920,000 1,920,000
MINUS
DIRECT COST: Using up (35%) 588,000 630,000 651,000 672,000 672,000
Net Income 1,092,000 1,170,000 1,209,000 1,248,000 1,248,000
Income Live Table Games
Amount of Live Table Games 19 19 19 19 19
Daily Income per Live Table Games 600 750 800 900 950
Gross Income Per Year in Live Table Games 4,149,600 5,187,000 5,532,800 6,224,400 6,570,200
TOTAL GROSS INCOME GAME 15,615,600 18,564,000 20,820,800 22,786,400 25,680,200
MINUS:
GAME TAX: slot 18% and table games 12% 2,561,832 3,030,300 3,415,776 3,728,088 4,228,224
NET INCOME GAME 13,053,768 15,533,700 17,405,024 19,058,312 21,451,976
OTHER INCOME
Bar , Restaurants
Food and Beverage Sales 720,000 780,000 840,000 900,000 900,000
Cortesy in F & B 960,000 1,020,000 1,020,000 1,020,000 1,020,000
Total Income 1,680,000 1,800,000 1,860,000 1,920,000 1,920,000
MINUS
DIRECT COST: Using up (35%) 588,000 630,000 651,000 672,000 672,000
Net Income 1,092,000 1,170,000 1,209,000 1,248,000 1,248,000
Events and Entertainment 384,000 420,000 456,000 456,000 456,000
Total Net Income F,B & Events Per Year 1,476,000 1,590,000 1,665,000 1,704,000 1,704,000
Total Operating Expenses 8,462,954 8,902,071 9,181,574 9,501,468 10,011,760
Pay Roll 2,457,864 2,457,864 2,457,864 2,457,864 2,457,864
- Tax and Social Expenses 873,024 873,024 873,024 873,024 873,024
Lease 956,066 975,183 994,686 1,014,580 1,034,872
Marketing, Entertainment and Advertising 1,500,000 1,800,000 2,000,000 2,300,000 2,500,000
Cortesy F & B and Costumer Service 960,000 960,000 1,020,000 1,020,000 1,020,000
Utilities 720,000 720,000 720,000 720,000 720,000
Transport, Trips and Lodging 420,000 480,000 480,000 480,000 600,000
Administration and Generals 60,000 60,000 60,000 60,000 96,000
Providers 72,000 72,000 72,000 72,000 80,000
Maintenance and cleaning 240,000 300,000 300,000 300,000 360,000
Insurance 84,000 84,000 84,000 84,000 120,000
Others 120,000 120,000 120,000 120,000 150,000
Net Prot Before Tax 6,066,814 8,221,629 9,888,450 11,260,844 13,144,216
Income Tax 0 0 0 0 0
Net Prot / EBITDA 6,066,814 8,221,629 9,888,450 11,260,844 13,144,216
Minus: Participation in Machines (20% - 25%) 2,293,200 3,076,710 3,822,000 4,140,500 4,777,500
Cash Flow 3,773,614 5,144,919 6,066,450 7,120,344 8,366,716
Net Cash Flow Per Year 3,773,614 5,144,919 6,066,450 7,120,344 8,366,716
Acumulate Cash Flow 3,773,614 8,918,533 14,984,983 22,105,327 30,472,043
Prot Margin % 26 30 32 34 36
!"#$%&'()*
PANAMA COMMERCI AL
Panama City, Panama
9
Projected Casino Operating Budget

415.373.0458 (US) - 507.832.5583 (PA) - 6481.9908 (Cell)
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PANAMA COMMERCI AL
Panama City, Panama
10
Project Details
Accommodations
304 well-appointed guest rooms and suites with 27 floors offering breathtaking views of Panama City. All guest rooms feature
complimentary wired & wifi high-speed internet access.
Mini-bar
47 LCD Cable Television
Individual climate control
Oversized desk
Iron and ironing board
Clock radio with iPod and iPhone charger
In-room safe
Direct dial phone
3 luxurious suites, 2 family suites, and 1 presidential suite with private lounge and special amenities
Bathroom Amenities
All bathrooms feature amenities from luxury beauty brand lOccitane, bathrobe, and hair dryer.
Services and Facilities
Full-service business center
Guest Recognition Program
Valet parking
24-hour room service
Laundry
Dining and Entertainment
Daily 26 offers a bountiful buffet breakfast every morning. At mid-day, visitors enjoy a business buffet lunch while taking in a
breathtaking view of Panamas skyline. An international a la carte menu is served in the evening.
Butterfly 26 is located on the 26th floor of the hotel. Executive Chef Johannes Audebert has over 15 years of international experience
in more than 20 countries preparing local classics and refined cuisines.
Sky Bar 26 offers the perfect setting to taste delicious cocktails in an amazing and relaxing atmosphere while admiring panoramic views
from the 26th floor of the hotel.
The Lobby and Sushi Bar is the perfect place to begin the evening with a cocktail form the extensive menu while enjoying fresh sushi in
an informal and relaxed ambiance.
415.373.0458 (US) - 507.832.5583 (PA) - 6481.9908 (Cell)
!"#$%&'()*
PANAMA COMMERCI AL
Panama City, Panama
11
Project Details
Sports, Fitness, and Beauty
The hotel offers a full service fitness center and diverse options to train and relax. Our gym is supervised by personal trainers and
includes cardiovascular and multi-purpose machines.
Spa and Beauty Salon
Spa and beauty services are available onsite, with a variety of options for guests to pamper themselves.
Activities
Panama is renowned for the following activities: biking trails, bowling, fly-fishing, hiking, horseback riding, jet skiing, jogging, kayaking,
mountain biking, nature preserve river rafting, rock climbing, sailing, scuba diving, snorkeling, surfing, water skiing, tennis, and a
rooftop swimming pool is available for guests to take a tip or enjoy the sunshine.
Points of Interest
The Panama Canal Rainforest, beautiful beach along 1000 miles of coast on both oceans and 1500 islands, Soberania National Park,
Barro Colorado Island, and Monkey Island are just some of the protected nature preserves available to explore in Panama. Panama also
offers the opportunity to observe and interact with their seven native cultures, each with their own unique legends and traditions.
Shopping
The hotel offers convenient shopping nearby at the Via Espaa, MultiPlaza, and MultiCentro shopping centers.
The Allbrook Mall is located approximately 10 minutes from the hotel.

Additional Information
Check-in: 3:00PM and check-out: 1:00PM
Taxes and Gratuities: 10% VAT and 10% Service
Credit Cards: All major cards
Languages: Spanish and English are spoken
Currency: US Dollars
Electricity: 220/110 volt
Emergency generators provide temporary power to 100% of the buildings electrical systemss
415.373.0458 (US) - 507.832.5583 (PA) - 6481.9908 (Cell)
!"#$%&'()*
PANAMA COMMERCI AL
Panama City, Panama
12
Project Details - Professional Facilities
The hotel offers 11,980 sq. ft./1,113 sq. meters of meeting space with natural light for business
and social occasions, accommodating up to 460 guests. For smaller business meetings, the hotel
offers 4 private meeting rooms, accommodating 10 to 18 people. A dedicated catering and
convention services team of experts is available to create memorable experiences. Audio-visual
equipment and services are available upon request.
Meeting Rooms
Maximum Capacity (# of people)
Adelpha Las Camelias Morpho Azul Las Cumbres Gran Salon Total Capacity
Area (m2) 134 270 194 311 464 909
Area (ft2) 1,442 2,906 2,088 3,347 4,994 9,784
Social Event
with dance
oor
64 136 96 160 232
Social event w/
out dance oor
96 168 144 192 312
Seminar 81 186 120 180 306
Auditorium 134 270 191 296 461
Boardrooms Naos Culebra Perico Flamenco
Area (m2) 13.03 18.05 20.05 37.75
Area (ft2) 140 199 215 406
415.373.0458 (US) - 507.832.5583 (PA) - 6481.9908 (Cell)
Sq Meters Sq Ft
Building Total Sq Ft / Meters 46,400 499,445
Conference/Hospitality Facilities
Lobby 725 7,804
Spa 600 6,458
Business Center / Meeting Rooms 170 1,830
7th Floor Banquet Rooms
(does not include kitchen area)
1,212 13,046
Sushi Bar 145 1,561
26th Floor
(does not include kitchen area)
836 8,999
27th Floor Pool Area 927 9,978
27th Floor Sky Bar Area (unnished) 873 9,397
Total Conference/Hospitality Area 5,488 59,072
Casino
Casino First Floor 565 6,081
Casino Fifth Floor 1,563 16,823
Casino Sixth Floor 356 3,831
Total Casino 2,484 26,738
!"#$%&'()*
PANAMA COMMERCI AL
Panama City, Panama
13
Project Details - Building Configuration
415.373.0458 (US) - 507.832.5583 (PA) - 6481.9908 (Cell)
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PANAMA COMMERCI AL
Panama City, Panama
14
Project Details - Room Configuration
Floors 8-23
18 Rooms per floor (all 09 line rooms have a parlor)
16 Rooms per floor are each 38-40 m2 / 430.56 sq ft.
2 Junior Suites per floor are 60 m2 / 645.83 sq ft.

24th Floor
10 Suites total
8 Suites with 1 Bath plus parlors - Each 80 m2 / 861.11 sq ft.
1 VP Suite with 2 Bathrooms - 120 m2 / 1291.70 sq ft.
1 VP Suite with 1 Bathroom - 120 m2 / 1291.70 sq ft.

25th Floor
1 Presidential Suite with 2 Bedrooms and 2 Bathrooms - 450 m2 / 4843.80 sq ft.
1 Suite with 2 Bedrooms and 2 Bathrooms - 200 m2 / 2152.80 sq ft.
4 Suites with Parlors - Each 80 m2 / 861.11 sq ft.

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PANAMA COMMERCI AL
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PANAMA COMMERCI AL
Rooftop Pool
Full service Spa
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PANAMA COMMERCI AL
Fully Equipped Gym
Beauty Spa and Salon
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PANAMA COMMERCI AL
Living Area in Suites
Full 360 Panoramic City Views
Spacious Bedrooms in Suites

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Panama's Economy Will Grow Over 5 Percent In

47 LCD Cable Television

Individual climate control

Iron and ironing board

Clock radio with iPod and iPhone charger

Direct dial phone

Full-service business center

Guest Recognition Program

24-hour room service

The Allbrook Mall is located approximately 10 minutes from the hotel.

Check-in: 3:00PM and check-out: 1:00PM

Taxes and Gratuities: 10% VAT and 10% Service

Credit Cards: All major cards

Languages: Spanish and English are spoken

Electricity: 220/110 volt

18 Rooms per floor (all 09 line rooms have a parlor)

16 Rooms per floor are each 38-40 m2 / 430.56 sq ft.

2 Junior Suites per floor are 60 m2 / 645.83 sq ft.

8 Suites with 1 Bath plus parlors - Each 80 m2 / 861.11 sq ft.

1 VP Suite with 2 Bathrooms - 120 m2 / 1291.70 sq ft.

1 VP Suite with 1 Bathroom - 120 m2 / 1291.70 sq ft.

1 Presidential Suite with 2 Bedrooms and 2 Bathrooms - 450 m2 / 4843.80 sq ft.

1 Suite with 2 Bedrooms and 2 Bathrooms - 200 m2 / 2152.80 sq ft.

4 Suites with Parlors - Each 80 m2 / 861.11 sq ft.

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