Presentation on theme: "Project Overview The Ice Tower Ice Tower Corporation S.A. Feb 2007."— Presentation transcript:
Project Overview The Hotel @ Ice Tower Ice Tower Corporation S.A. Feb 2007
Ice Tower Corporation S.A. Project Goals Build the leading 5 Star Hotel and Casino in Panama City with competitive business and leisure rates. Provide hospitality services to Ice Tower, a residential apartment building aimed at the second home and retirement markets. Supply the demand for meeting and convention space in Panama City. Be recognized as the best hospitality service provider in all the markets we plan to serve.
Feb 2007Ice Tower Corporation S.A. Description The Hotel @ Ice Tower is planned on 18 floors with 256 rooms and suites, to be constructed within an 67,000 Sq. Feet plot of land located in a prime business and tourist location facing the Bay of Panama City with unparallel views of the Pacific Ocean. Adjacent and connected to the hotel, the development includes a tower of apartment residences soaring 104 floors on what will become the tallest structure in the region. The Hotel @ Ice Tower will include a Las Vegas Style Casino with 30,000 Sq. Ft. of gaming area and a world class Spa with 12,000 Sq. Ft. of usable area.
Feb 2007Ice Tower Corporation S.A. Location The Hotel @ Ice Tower will be located at the corner of Ave. Balboa and 49 th Street, 12 minutes from Tocumen International Airport. The Banking Center is within 1 mile from the hotel. Access to the Colon Free Zone Freeway, The Panama Canal and the Bridge of The Americas are within 5 miles from the hotel.
Feb 2007Ice Tower Corporation S.A. Panama City Map Ice Tower
Feb 2007Ice Tower Corporation S.A. Hotel Industry Quick Review and Key Facts of Panama City Hotel Industry Panama City has only 5 hotels or 1,250 rooms in the 5- Star category. Average occupancy rate in 2004 was 56% overall but over 75% in 5-Star category. There is no new hotel construction in Panama City at this time. Average room rate at 5-Star Hotels is $120.00 Major projects in Panama will result in sharp demand increase for hotel rooms. Panama Canal Expansion. Panamas leading position as retirement country. Multi-Modal Cargo Center at Colon Free Zone.
Feb 2007Ice Tower Corporation S.A. Occupancy Rates in Panama City
Feb 2007Ice Tower Corporation S.A. Average Room Rate
Feb 2007Ice Tower Corporation S.A. Monthly Seasonality
Feb 2007Ice Tower Corporation S.A. Competitive Analysis Panama City 5-Star Hotels Marriott Strengths Network, Brand, Entertainment. Weaknesses Location access. Intercontinental Strengths Location, Marina, View. Weaknesses No Casino, limited food options. Caesar Park Strengths Next to ATLAPA Convention Center Weaknesses Network, Age, Location. Bristol Strengths Service, Food Quality, Size. Weaknesses Network, Size, Entertainment. Radisson Strengths Ambiance, food options, entertainment. Weaknesses Service,
Feb 2007Ice Tower Corporation S.A. Panama City Hotel Industry Outlook The market has today 2,152 rooms in the Grand Luxe, Luxury, Business and Standard categories. GL and Luxury rates are now avg. of $150+ 1,891 new rooms in 8 projects have been announced as of Dec 2006 for completion by 2010. Of the 8 projects only 2 have started construction. Ice Tower is one of them. This translates into only 380 rooms under actual construction. If the 1,891 rooms were available in 2010 the demand and supply curve on a conservative scenario is estimated as follows: 50% Ocp. Rate - 475 Rooms 60% Ocp. Rate + 283 Rooms 70% Ocp. Rate + 817 Rooms CURRENT OCP RATE IN PANAMA IS OVER 85%
Feb 2007Ice Tower Corporation S.A. The Hotel @ Ice Tower Strengths Prime oceanfront location. Innovative Design. On site Casino and SPA. Easy access. Multiple food offerings. Service excellence commitment. Combination of Hotel and Residence complex with 392 units and their families a potential client base for the hotel. 20 year tax exemption under tourism development law. Weaknesses First Hotel Development.
Feb 2007Ice Tower Corporation S.A. Ice Tower Development Team F & F Properties – Design and Construction Leading developer of prime residential and office real estate in Panama. On going projects valued at $500 Million Mr. Saul Faskha President and CEO of F & F Properties. President of Ice Tower Hotel Corp.
Feb 2007Ice Tower Corporation S.A. Schedule Current Architectural development. Application for Tourism Board Approval. Search for brand-operator. 80% of apartments sold. Financing in place. Gaming license application. July 2006 Construction begin. March 2007 Operator to be defined. September 2007 Hotel plans and designs finished Mar 2010 Project conclusion.