Marriott to Manage First Marriott Executive Apartments Hotel in Panama City, Panama

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. November 28, 2011

November 23, 2011 - The 126-unit Marriott Executive Apartments Finisterre - Panama, will be operated by Marriott under a long term management agreement with the owner

Marriott International (NYSE: MAR) announced that the Finisterre Suites in Panama City, Panama, will be converted to a Marriott Executive Apartments extended stay hotel in early 2012. The 126-unit Marriott Executive Apartments Finisterre - Panama, will be operated by Marriott under a long term management agreement with the owner, Grupo Hotelero Finisterre S.A. Marriott Executive Apartments was selected by the owner as the preferred brand and operator, after a competitive operator search process carried out by the tourism consultancy, C4T Tourism, Business & Planning.

"Designed for extended stay travellers, Marriott Executive Apartments offers the convenience of a five-star, full-service hotel with the space, ambience and privacy of residential living," said Loren Nalewanski, vice president of brand management for Marriott Executive Apartments. "We are pleased that this will be our first Marriott Executive Apartments hotel in Central America."

The hotel in Panama City is located on the corner of Calle Colombia and Avenida 3a Sur in downtown Panama City, easily accessible to main arteries and the business district. The property offers 126 king, double, junior and master suites, all with a full kitchen and separate eating, sleeping and work areas. Each unit is furnished in contemporary style, with hardwood floors, stylish modern furniture, state of the art connectivity, flat screen television, a washer-dryer, maid service, on-site storage and other services.

Hotel services at the Marriott Executive Apartments Finisterre - Panama will include 24-hour room service and a three-meal-a-day restaurant, as well as a grab-and-go Marketplace for snacks and sundries. Other facilities include two meeting rooms measuring a combined total of 394 square meters, a fitness room and swimming pool.

"The booming economy of Panama and the relocation of the many multinational companies to Panama City as a regional hub for Latin America, has created the opportunity for a true upscale extended stay hotel operation," said Laurent de Kousemaeker, chief development officer for Marriott International in the Caribbean and Latin America. "Marriott Executive Apartments serves the unique needs of the executive expat and those relocating and needing to connect and live in their new environment for extended periods. Here in Panama City they'll now find the residential comfort with the conveniences of a quality hotel."

"We are very pleased to have selected Marriott Executive Apartments as the brand and operator for our hotel," said Alejandro Blanco Martinez, President of Grupo Hotelero Finisterre S.A. "We were impressed with Marriott International's experience in operating upscale extended stay hotels, as well as their marketing, sales and reservations engine to promote our beautiful hotel and convenient central location to a wider audience."

Marriott International is currently represented in Panama City by the 388-room Panama City Marriott, the 248-room Courtyard Panama Real Hotel and the recently opened 120-room Courtyard Panama Metro Mall. Marriott will open the 180-room Casamar Marriott Panama Resort on Panama's Pacific coast in 2013.