AT A TIME when Panama’s hotel industry  gives signs of imploding, with occupancy rates barely over 40 percent, a Colombian group has thrown its hat into the crowded  ring with a more than $70 million investment.

The Hotel Las Americas Golden Tower near the Patilla Hospital and the heart of the  city’s business center is now open for business.

The opening is good news for laid off employees  from existing hotels as it will create 150 openings in  a constantly shrinking job market,

At the same time it will put more pressure on existing hotels attempting to cope with shrinking tourism figures nd competition from illegal short teem apartment rentals.

The30-story hotel  tower was designed by renowned Uruguayan architect Carlos Ott.
For  Andrés Felipe Ordoñez president of  Yalarame Investment  the hotel’s owner "the venture is a unique project, which we hope will become an icon of the city."

Investment Talarame chose Panama as its first operation  outside Colombia. "We found here an opportunity to expand due to favorable market conditions, as Panama is  the fastest growing region in  Latin American.

The hotel has 285 rooms and 15 suites, three restaurants, a meeting room and spa.

Three of the first floors will be used for parking for new development.