Current List Price: $1,650,000
The recently built, Hotel Palma Royale is for sale in the popular Isla Colon of Bocas Del Toro, Panama. This hotel was built as a dream by three Americans who fell in love with the Caribbean beach town. As they prepare for retirement, they are ready to transition the property to a new owner. The setting is amazing, located just 10 meters from the sea on the quiet Main Street location. The hotel was built with American standards and has recently been renovated. The property is under Law 8, with a location in a tourist zone, which means you don’t pay property tax for 20 years and corporate income tax for 15 years. The owners spent $2.6M on the lot and construction and they are ready to sell! This is an incredible opportunity for a new owner to continue the operations and grow this boutique hotel business.
The hotel consists of 15 rooms, including 10 suites, 4 standard rooms, 1 penthouse as well as a restaurant that is leased out. The restaurant has excellent service, a friendly staff and great Italian food. The reviews of the breakfast by hotel guests are nothing short of outstanding. The hotel is beautifully landscaped with local flora throughout. This hotel has experienced high demand throughout the year, but especially during the months of November to February. One famous boater has enjoyed the penthouse suite! Jimmy Buffett enjoyed the warm welcome of the Palma Royale!
The hotel is ranked as the #3 Hotel in Bocas Del Toro and ranked as a 2018 TripAdvisor Traveler’s Choice Award! Read over 400 amazing reviews on TripAdvisor for an average of 4.5 stars!
The company has experienced a very steady revenue stream and continue to operate with their same management staff in place for the last few years, while the sellers manage the hotel remotely. Full financial details may be provided to well qualified buyers upon request.
Gross Revenue for Hotel Palma Royale:
• 2017: $432,250.84 • 2016: $432,772.58
• 2015: $451,642.20 • 2014: $507,179.05
• 2013: $527,869.42 • 2012: $571,388.50
Rooms: 1 Economy Room, 3 Standard Rooms, 6 Deluxe 2-Queen Suites, 4 Luxury Suites, 1 Penthouse Suite
Economy Room: 1 Queen Size Bed, Marble Bathroom, Private Patio with Garden View with 32″ TV, Mini-Fridge and Gourmet Coffee with Grinder
• Rates: $85/night to $119/night
Standard Room: 1 Queen Size Bed, Sitting Area and Desk, Marble Bathroom, Private Patio with Garden View, 32″ TV, Mini-Fridge, Gourmet Coffee with Grinder
• Rates: $105/night to $159/night
Deluxe 2-Queen Suite: 2 Queen Size Beds, 1 in a Private Room, Living Room, Marble Bathroom, Private Balcony, 32″ TV, Mini-Fridge, Gourmet Coffee with Grinder
• Rates: $175/night to $329/night
Luxury Suite: 1 Private Bedroom with 1 Queen Size Bed, Marble Bathroom, Separate Living Room, Fully-Equipped Kitchen with Full-Size Fridge, Private Balcony with Sea View and 32″ TV
• Rates: $175/night to $279/night
Penthouse Suite: 2 Private Bedrooms with Queen Size Beds, 2 Designer Bath Rooms, Fully-Equipped Kitchen, Jacuzzi Tub, Wrap-Around Private Balcony with Panoramic Sea View, Large Living Room with Rattan Furniture, 32″ TV
• Rates: $305/night to $449/night
• Daily Breakfast with Room
• Full Service Restaurant
• Free Wi-fi
• Aromatherapy Scent Warmers
• Air Conditioning
• Pillowtop Mattresses
• Daily Maid Service
• Guest Laundry Service
• Charming First Floor Café
• Rain Shower Heads
• Ceiling Fans
• Hot Water
• Bi-Lingual staff
The hotel is masterfully crafted and built to American standards, including:
Bocas del Toro is an Archipelago of Islands in the Caribbean Sea. Bocas Town is located on the main Island, Isla Colon. The hotel is located on the Main Street of Bocas towards the south end of town in a quiet area but conveniently within walking distance to all shops, restaurants and bars. Most restaurants are within a 10-minute walk and next door to the hotel is Super Gourmet, a beautiful gourmet grocery store and deli. Many people travel to Bocas for a more tranquil life and happily find it. With perfect beaches and rich culture, “Island life” is abundant in Bocas del Toro. The islands of Bocas del Toro reflect the heart of Caribbean Panama. Located in the extreme western part of the country, only 40 kilometers from the Republic of Costa Rica, this archipelago has the perfect combination of nature and cultural traditions. Boasting a variety of aquatic species, coral reefs, mangroves, tropical forest, beaches with crystal clear water and undisturbed jungles with all the flora and fauna you can imagine.
Bocas del Toro is a province of Panama that fascinates its visitors with incredible views, unique culture, ancient customs, exclusive wildlife and expansive biodiversity. The tropical vegetation found only in this area yields adventurous excursions and relaxing scenery. Opportunities are limitless for the wildlife lover – dive and snorkel below the shimmering Caribbean Sea and journey above the canopy to zipline through the astounding indigenous beauty.
Isla Colon is the most populated island in the Bocas del Toro archipelago, and the capital of the Bocas del Toro province. Most of the hotels, restaurants, bars, tour operators and businesses are located right in Bocas Town on Isla Colon, as is the Bocas del Toro International Airport. Isla Colon is the main takeoff point for most visitors that want to explore the Bocas del Toro islands.
Bocas Town sits on the southernmost node of Isla Colon, and it is the capital and main town of the Bocas del Toro islands. Though Bocas Town is the bustling center of the area, it is still small and easy to get around. Most hotels, restaurants and bars are located on 1st, 2nd and 3rd street (Main St). In the center of town is the Simon Bolivar Park where artisans sell food and handicrafts. Taxis cost less than $1 pretty much anywhere in town, but the best way to get around is on a bicycle.
Panama is a playground for adventure. You can snorkel or dive in some of the most amazing places on earth, Caribbean and Pacific! Catch a wave on one of the many famous or unknown beaches. Sail, kayak or enjoy any water sport off the 2,000 miles of coast or around some of the 2,000 islands. Hike jungle trails to see volcanoes, raft the white waters of class 1 to class 4 rivers, and zip line through the canopies.
Panama is a beautiful and tropically enriched location, from crystalline seas to chocolate plantations, your journey to this part of the world can be as relaxed or adventurous as you want. Panama City provides a peek into the life of the Panamanians, while more remote areas like Bocas del Toro fully immerse visitors in Panamanian culture and lifestyle.
It is easy to get to Panama. A crossroads between the Americas, almost every major airline flies here. It is only 2.5 hours from Miami and 4 hours from Houston and there are more and more flights coming to Panama every year. The tourist visa is now included in the price of your flight! You can bus or fly here from Costa Rica and fly or take a boat from Colombia. Spain, France, the U.S. and many other countries have influenced the history of this country so you will find a lot of people speak more than 1 language. The currency is the U.S. Dollar (officially known as the Balboa, but it’s just a dollar).
Panama is modern, convenient and close to the U.S. – not to mention sunny and warm. The local people are fun, friendly and welcoming…and so is the government. That’s why Panama wins out when it comes to benefits for retirees and ease of obtaining residence. Here there are no income tax on overseas earnings. The healthcare is top notch, too. Expats in Panama report they are overwhelmingly happier and healthier since making the move. Read more:
Foreign buyers are pushing up property prices in Panama. The average dwelling sales price surged by 21% from January 2015 to June 2017 in Panama’s metropolitan area. Foreign buyers tend to be from the United States, Europe, Canada and Latin America. Read more
Contact for more details and to set up a private tour of Bocas Del Toro! For qualified buyers, we can arrange for one night free at the hotel and provide you with activities to give you a taste of the area!
Marketing in Coordination with:
Mike Jones, CAI, GPPA, BAS, AARE
Broker #339614, TX Auctioneer #6756