Mall Group changed its plans regarding Los Faros de Panamá complex, its emblematic project in Latin America. According to the president of the firm, Julio Noval, the two lateral towers of the complex will have luxury hotel casinos, while the hotel planned for the first 15 floors of the central tower will be transformed in a space for offices and houses.

Mall Group is currently negotiating with top-level hotel chains to manage the hotels. Their size, as well as casino characteristics that the complex would include, will depend on the chains that will manage them.

The idea of Mall Group is that the floors that are not directly used by hotels may be occupied by condo-hotel solutions, through which owners may hand over their homes for hotel use. The main aim of the change is the great demand of hotel rooms in Panama. „Due to the great demand of hotels, we chose to make two instead of one”, said Noval.

Although the original project considered the construction of 1,800 houses, Julio Noval does not think that the number of houses will be reduced by the new hotels. „It depends on the number of rooms that the hotels will have, but it would also be considered that more homes will be added to the central tower“.

According to Noval, almost 60% of the place is sold near the central tower, which is the only one which is being commercialized for the moment. „Our levels are higher than in Europe“, with customers from 21 different countries, such as Iceland, Estonia and Cyprus, added. In fact, Mall Group is thinking on the idea of exporting the model to other Latin American countries. „Why not Los Faros in Santiago de Chile?“, concluded Noval.