Ithaca Capital Hotels dominate Condé Nast Latin America Awards
October 5, 2021
As anticipated anxiously by sophisticated travelers this time of year, on 5 October 2021, Condé Nast published its prestigious Reader’s Choice Awards for year 2021, which are generally considered to be the most relevant recognition in the hotel industry. Luxury hotels of Ithaca Capital have dominated the awards for both Central and South America.
The W Hotel, Bogota (Colombia) was voted Best Hotel in South America (https://www.cntraveler.com/gallery/south-america-top-hotels) whilst JW Marriott, Panama, also an Ithaca Capital property, was number 6 in the Central America list (https://www.cntraveler.com/gallery/top-hotels-in-the-caribbean-and-central-america-readers-choice-awards-2015).
The W Hotel Bogota also got seventh place in this year’s Travel and Leisure awards (https://www.travelandleisure.com/worlds-best/city-hotels-in-south-central-america), validating its premier positioning in the Latin America luxury hotel market.
“We are excited by the recognition that two of our luxury properties have received at such an important inflection point for the hospitality industry. Receiving an award by one of the two leading industry publications is itself an achievement but receiving an award by both Condé Nast and Travel and Leisure is ground-breaking” commented Orestes Fintiklis, founder and managing partner of Ithaca Capital.
About Ithaca Capital
Ithaca Capital is a private equity investment management company founded by Orestes Fintiklis which focusses on deep value investments in the hospitality and travel industry. The primary geographical focus is the East Coast of the United States, Caribbean, Central and Latin America.
About Condé Nast Readers’ Choice Awards
The Readers' Choice Awards (https://www.cntraveler.com/inspiration/readers-choice-awards) are considered the most important awards in the travel industry, celebrating the best places, movers and fixers on the planet – from far-flung wilderness retreats and close-to-home urban hotels to Mediterranean villa specialists and destination spas in Asia.
For further information, please contact:
Investor Relations
Ithaca Capital Partners
Investorrelations@ithacacapitalpartners.com
Ithaca Capital Acquires the W Hotel Bogota
An Iconic Property in the Heart of Bogota’s Fastest Growing business district
December 30, 2019
Ithaca Capital is pleased to announce the completion of the acquisition of the W Hotel Bogota (https://www.marriott.com/hotels/hotel-photos/bogwh-w-bogota/) (the “Hotel”) from a subsidiary of Decameron Hotels. The property is located in the heart of Santa Barbara business district, the fastest growing corporate area of Bogota, and walking distance from the colonial entertainment and high-end gastronomy district of Usaquén.
The Hotel, which opened in 2015, features 168 guestrooms (including 33 suites), three F&B outlets (Market Kitchen Restaurant, BBC Cerveceria and W Lounge), a world class Spa, fitness center, swimming pool and over 785 square meters (8,450 square feet) of flexible meeting space.
Designed by NYC-based Studio Gaia and inspired by the glamorous legend of El Dorado (city of gold), the hotel’s refreshing and contemporary architectural concept with Bogota’s skyline and the Andes mountains in the background, make it a truly unique property and a regional landmark. Food and Beverage was conceptualized by Michelin-star chef Jean-Georges Vongerichten and Culinary Concepts, whilst recently the hotel has added BBC Cerveceria, the biggest micro-brewery in Colombia, to its multiple entertainment options.
The Hotel marks the fifth Marriott-branded and managed property in Ithaca Capital’s portfolio in the Caribbean and Latin America, making the investment company the single largest owner of Marriott-managed properties in the region.
Orestes Fintiklis, founder and managing partner of Ithaca Capital, said “We are thrilled to be acquiring such a spectacular property and entering the Bogota hotel market with its resilient demand, limited supply of luxury hotels and high barriers to entry. We are excited to be partnering with Marriott in yet another unique hotel in Latin America.”
Scotiabank Colpatria provided debt financing to the transaction. Dentons Cardenas & Cardenas represented the buyer and DLA Piper Martinez Beltran the seller.
For further information, please contact:
Investor Relations
Ithaca Capital Partners
Investorrelations@ithacacapitalpartners.com
Ithaca Capital to Partner on Residence Inn Hotel Panama
An extended Stay Hotel within the Region’s Largest Hospital, Office and Mall Integrated Development
April 8, 2019
Ithaca Capital is pleased to announce that it has entered into a partnership for the Marriott Residence Inn hotel, Panama (https://www.marriott.com/hotels/travel/ptyri-residence-inn-panama-city/) (the “Hotel”).
The Hotel, which is scheduled to open in the second half of 2019, features 144 extended stay hotel rooms with a kitchenette, as well as restaurant, pool and other amenities. The Hotel is situated within Pacific Center, a mega-development with more than 2 million square feet of space which includes a world class hospital (Panama Clinic), a shopping mall, a supermarket, a cinema, a performance arts theater and extensive office space.
Ithaca Capital will partner with the existing owners at undisclosed terms and also assume asset management responsibilities. The Hotel shall be managed by Marriott Hotels under a long term hotel management agreement.
Orestes Fintiklis, Managing Partner of Ithaca Capital Partners, stated “We are excited to work with Marriott hotels on a second property in Panama and the fourth within the Ithaca Capital portfolio. Despite the challenging environment for hotels in Panama, we are confident that the integration of this hotel within the largest mixed use development in Panama City as well as a hospital with the capacity to generate extended stay occupancy for patients and their relatives, will ensure a robust performance for the Hotel.”
For further information, please contact:
Investor Relations
Ithaca Capital Partners
Investorrelations@ithacacapitalpartners.com
JW Marriott to raise its flag in Panama City
The tallest building in Panama set to rebrand in September 2018
June 27, 2018
Ithaca Capital today announced that the iconic Bahia Grand Panama Hotel in Panama City, housed in the tallest building in Panama and Central America, is set to become a JW Marriott® hotel (https://www.marriott.com/hotels/hotel-photos/ptymj-jw-marriott-panama/).
The hotel, which originally opened in 2011, has been operating as an independent property since March 2018. Ithaca Capital, Hotel ToC and Marriott International signed agreements to rebrand the hotel as a JW Marriott, under a long-term management contract with Marriott International.
"We are thrilled that our hotel will operate as a JW Marriott and we believe that this partnership, together with a talented team and spectacular hotel amenities, will be a success. We look forward to welcoming new and returning guests to this iconic property," said Orestes Fintiklis, managing partner of Ithaca Capital.
At 284 meters (932 feet), the property’s modern architecture has become emblematic of Panama City and its skyline. Located at the ocean front of Panama City’s prestigious Punta Pacifica neighborhood, close to the banking, commercial and entertainment areas, the hotel offers the seclusion and privacy of an urban oasis.
Guests will be able to enjoy three world-class restaurants, a popular bar (Cava 15), an expansive pool deck and a state-of-the-art conference facility. Averaging 600 square feet each, the hotel’s 369-rooms are the largest in the city with many directly on the oceanfront enjoying open views of the Gulf of Panama and the city’s skyline.
JW Marriott is part of Marriott International’s luxury portfolio and consists of superb and distinctive properties at key urban and resort locations around the world. Today, there are more than 80 JW Marriott hotels in over 25 countries and territories.
“Marriott International is proud to partner with Ithaca Capital for the re-launch of this iconic hotel in Panama City, a growing gateway city and a critical hub for Latin America. This hotel will represent the twelfth operating JW Marriott branded hotel in our region, catering to sophisticated travelers, seeking the world-class JW Treatment™,” said Laurent de Kousemaeker, Chief Development Officer, Marriott International, Caribbean & Latin America Region.
For further information, please contact:
Investor Relations
Ithaca Capital Partners
Investorrelations@ithacacapitalpartners.com
Marriott Courtyard Hotels Portfolio Acquisition
April 13, 2018
Ithaca Capital Partners, a real estate investment management company, is pleased to announce the execution of a binding agreement between a holding company (the “Buyer”) and Caribbean Property Group (the “Seller”), for the acquisition (the “Transaction”) of a portfolio of Hotel assets (the “Portfolio”).
The Portfolio includes the Marriott Courtyard Hotel in Santo Domingo (https://www.marriott.com/hotels/travel/sdqcy-courtyard-santo-domingo/) (Dominican Republic) and the Marriott Courtyard Hotel in Escazu, San Jose (https://www.marriott.com/hotels/travel/sjocy-courtyard-san-jose-escazu/) (Costa Rica). Both properties are managed by the Marriott organization.
The San Jose property comprises 120 keys, a food & beverage outlet, meeting space, parking spaces, outdoor pool, fitness center and other amenities. The hotel is located in the western suburb of Escazú, along the Próspero Fernández Highway and six miles from the Juan Santamaria International Airport.
The Santo Domingo property comprises 145 keys, two food & beverage outlets, meeting space, outdoor pool, parking spaces, fitness center and other amenities. The hotel is located along Avenida Máximo Gómez in Santo Domingo. The acquisition includes an adjacent land parcel for future development.
Orestes Fintiklis, Managing Partner of Ithaca Capital, stated “We are excited by an investment into two of the fastest-growing economies in the region and we are confident that the quality of the assets and fundamentals of the transaction will generate unique returns.”
CBRE Miami and Duval & Stachenfeld LLP advised the Seller and Aleco Haralambides law firm (Miami), Pragma Legal (Costa Rica) and LMV Law firm (Dominican Republic) advised the Buyer.
For further information, please contact:
Investor Relations
Ithaca Capital Partners
Investorrelations@ithacacapitalpartners.com
Photo Source: Trump International Hotel & Tower, Panama
Trump International Hotel, Panama
August 10, 2017
Ithaca Capital Investments, an investment company comprising of family offices from the United States, Latin America, Europe, Asia and Panama, and its investment manager Ithaca Capital Partners, are pleased to announce the completion of the acquisition (the “Transaction”) of the hotel amenities and the majority of the condo hotel units (the “Property”) of Trump International Hotel, Panama (the “Hotel”).
The Transaction was consummated as part of a consensual process involving bondholders, original property developer and prior owner, and Trump International as hotel operator.
The Hotel, which opened in 2011, features 369 luxurious condo-hotel units as well as world-class restaurants and conference facilities within a 70-storey tower, the tallest building in Central America and a regional landmark, impeccably designed to evoke a majestic sail fully deployed in the wind.
Orestes Fintiklis, Managing Partner of Ithaca Capital Partners, stated “We are excited to welcome such an iconic property to our investment portfolio and we look forward towards working with the local team, the hotel operator and the Panama community, to establish the Property as the premier hotel in the country and the entire region.”
Canal bank provided debt financing to the transaction, Berkeley Research Group, CBRE, Perkins Coie LLP and Britton & Iglesias advised the sellers and Alcogal and BDO advised the buyer.
For further information, please contact:
Investor Relations
Ithaca Capital Partners
Investorrelations@ithacacapitalpartners.com