In Brief: The 293-room Waymore Hotel, Spa & Casino in Panama City, Panama, is being offered for sale and features a full-service hotel, casino, retail outlets, dining, meeting space, spa, fitness center, and outdoor pool, with ongoing renovations and no long-term management agreement in place.
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Waymore Hotel, Spa & Casino – Image Credit HVS
The Waymore Hotel, Spa & Casino is a 293-key, full-service hospitality property located in El Cangrejo, within the Bella Vista submarket of Panama City, Panama. The asset includes an upper-upscale hotel, a full-service casino, multiple retail outlets, dining establishments, meeting space, a spa, a fitness center, and an outdoor pool. The property is currently undergoing renovations, which are expected to reduce near-term capital expenditure requirements for new ownership.
Location and Market Context
The hotel is situated in El Cangrejo, a downtown business and commercial corridor in Panama City. The area is known for its concentration of multinational corporations, financial institutions, embassies, and a variety of restaurants, bars, and cafés. The location offers proximity to major demand generators in the city, including banking and commercial entities.
Panama City serves as a strategic gateway between North and South America, supported by international banking, trade, logistics, and canal-related revenues. The city’s status as a business hub results in consistent corporate lodging demand throughout the year. Additionally, Panama City attracts leisure visitors with attractions such as the Multiplaza Panamá shopping mall, the historic Casco Viejo district, and the Panama Canal. Tocumen International Airport provides international connectivity, supporting continued tourism growth.
Asset Features and Amenities
The Waymore Hotel, Spa & Casino offers a range of amenities, including:
– 293 guestrooms in upper-upscale condition
– A full-service casino with 42 table games, 511 slot machines (totaling 847 gaming positions), a private VIP table games/poker area, bar service, and a stage for live musical performances
– Multiple retail outlets and dining establishments
– Meeting and event space
– A spa and fitness center
– An outdoor pool
The property’s diversified amenities are designed to attract both business and leisure guests, as well as local residents.
Revenue Streams and Operational Flexibility
The hotel benefits from multiple revenue centers, including room operations, casino operations, spa services, food and beverage outlets, and meeting/event space. The casino is one of the most prominent in Panama City, supporting consistent total revenue generation and cash-flow performance across different market segments and cycles.
The asset is being offered unencumbered by a long-term management agreement, allowing new ownership flexibility in selecting an operational platform or affiliating with a hotel brand. Opportunities exist to optimize operations, enhance revenue-management strategies, and improve net operating income (NOI) flow-through. New ownership may also leverage the casino, spa, food and beverage outlets, and meeting space to increase ancillary revenue and total revenue per available room (TRevPAR).
Investment Considerations
Panama is recognized for its investment-grade characteristics within the region, supported by stable economic drivers such as international banking, trade, and the Panama Canal. The expanding Panama City market and the property’s location within a premier business district position the hotel to benefit from both corporate and leisure demand.
The ongoing renovations are expected to limit near-term capital expenditure requirements for new ownership. The lack of a long-term management agreement provides operational flexibility and the potential for further revenue optimization.
Inquire at HVS.
