Hotel/Residence for Sale in Bocas Del Toro, Panama, Bocas Del Toro, Isla Colon, Panama

Tropical Island Life Style, B&B Spacious&Well Built

HOTELITO DEL MAR
PROFILE AND OVERVIEW

Location: Bocas del Toro, Isla Colon, Panama
Heart of prime district, across the street from the Caribbean
Price: $430,000.

Rooms: 7 rooms available for rent
5 rooms downstairs
2 rooms upstairs, along with the necessaries of a complete apartment with balcony.

The upstairs was built as the owner’s suite and includes 2 large bedrooms, now being used as additional hotel rooms due to heavy demand, wrap around balcony, kitchen, bathrooms included with each bedroom along with very spacious closets, and there is also a small laundry area, living and dining area and 1 storage closet. There is also a partial attic with a pull down stairs for access. This "attic" could be developed as new owner’s home or as as additional B & B rooms. The rooms on the second level are currently being rented out as part of the B & B. Each room in the building is equipped with telephone jacks, and each room downstairs is easily converted to office space should one wish to do so, since each room is also wired to have it’s own electric meter. WIFI is currently enabled for entire building.

Currently, the super large kitchen is being used by staff for storing supplies for the continental breakfasts served each morning, and the 2 bedrooms are hotel rentals. Living/Sala area has, in the past, been rented as a small office.

High Season Rates:
Room 1: 65.00 USD* (3 single beds)
Room 2: 55.00 USD* (1 Double bed)
Room 3: 55.00 USD* (1 Double bed)
Room 4: 65.00 USD* (1 Double and 1 Single bed)
Room 5: 65.00 USD* (1 Double and 1 Single bed)
Room 6: 82.00 USD* (2 Double beds)
Room 7: 82.00 USD* (2 Double beds)

Room rates are very reasonable for Bocas currently.

Occupancy: Average 2006 - 52%
Average 2007 - 65%
Average 2008 - 77%
Average 2009 - 68%
Average 2010 - 70%
Average 2011 - 74%
Average 2012 - 79%

High season occupancy often reaches 100% and many additional rooms could be rented at that time. Occupancy rates in low season increased steadily until the global economic crises of 2009. Current owner experiences 65-70% return/referral from customers.

Note: During 2006 and most of 2007, the owner occupied the upstairs, so 5 – 6 rooms were available for rent. Currently, there is a manager and the owner lives in a home outside of Bocas.

Financial:
Monthly financial files for 2006-2012 and a financial summary will be provided as separate attachments prior to sales and purchase contract.

Permits: Third story. The owner has consulted with local officials with regard to adding a third story. A building permit for a third floor can be issued after plans for the third floor are presented to local officials. All plans will need to be stamped by a Panamanian licensed architect and engineer. Approvals are needed from the Fire Dept, the Health Dept. and the Mayor’s office. Preference is given to tourism-related businesses. Plans for third floor expansion are available upon request.

Inquiries: S. T. Ramirez; salmegal@, 011-507-758-9334
or
William Norman; wlnorman@, 001-703-451-7641