Marriott to introduce Renaissance hotel brand in Panama City

PANAMA CITY, PANAMA − July 17, 2008 − Marriott International, Inc. will introduce its stylish, upscale Renaissance hotel brand in 2011 under a management agreement with Hotel Properties of Panama, Inc. In addition, Marriott plans expansion of existing properties and to add two additional hotels, tripling its presence in the country, over the next 30 months to five hotels and 1,200 rooms.

The 300-room Renaissance Panama Hotel Financial District will be located in the heart of the financial district on a prime site immediately adjacent to the existing 295-room Panama City Marriott to which it will be physically joined, enabling guests to easily walk from one hotel to the other. The hotel will be part of a mixed-use project that will include two towers above a podium. One of the towers will house the hotel and up to 150 unbranded residential condominiums on the floors above the hotel. The second tower will house offices.

“We are thrilled to introduce our popular Renaissance brand to Panama and to be expanding our long relationship with Hotel Properties of Panama, which also owns the Panama Marriott and is currently expanding that hotel to 376 rooms,” said Ed Fuller, president & managing director of international lodging for Marriott International. “The economic outlook of Panama is strong, and the hotel industry is booming here. This new Renaissance hotel will enable us to offer guests an exciting new choice in lodging.”

Mr. Fuller credited Marriott’s strong relationship with Hotel Properties of Panama and two other ownership groups with enabling the Marriott International hotel presence in Panama to triple.

In addition to Hotel Partners’ new Renaissance property, the Courtyard by Marriott Panama will be expanded from 120 rooms to 248 rooms by its owner, Grupo Poma that is also opening the 150-room Courtyard by Marriott Panama near the Los Pueblos Mall in 2010. Meanwhile, Caribe Hospitality plans to open the 100-unit Residence Inn Panama in 2010 for extended-stay travelers. Final agreements on both the Courtyard by Marriott Panama and the Residence Inn Panama are expected to be executed within the next 60 days.

Marriott International’s Renaissance hotel brand appeals to adventurous travelers who expect their hotel choice to embody the destination and to help them live life to the fullest while traveling on business or leisure.

Accommodations at the Renaissance Panama City Hotel will feature plush bed and bath linens, upscale bath amenities, contemporary furnishings, a flat screen TV, in-room safe and mini-bar. The hotel will offer an executive level and lounge.

For dining and entertainment, the hotel will have a restaurant with street access that will offer three meals daily as well as a spacious, open lobby lounge and bar that will change its ambience from day into evening.

Recreational amenities will include an 8,000-square foot spa, a state-of-the-art fitness center and a large outdoor swimming pool and deck area. In addition, the hotel will have a gift/sundries shop and a business center.

For social events and conferences, the Renaissance Panama City Hotel will have 6,092 square feet of function space comprised of a 4,306-foot ballroom that will be divisible into three sections, 1,292 square feet of flexible meeting space and a boardroom.

With the openings of the new Renaissance, Courtyard and Residence Inn properties over the next 30 months, the Marriott International hotel brands portfolio in Panama will total five properties and 1,200 rooms and four lodging brands with more hotels planned in the near future.