There has been so much buzz inside of Panama and internationally about Margaritaville coming that we decided it might be a good idea to put everything about this mega brand into one article.
So without further adieu, here is everything you need to know about Margaritaville and their new Margaritaville Beach Resort & Residences Playa Caracol.
What is Margaritaville?
For context, Margaritaville is actually a song written by Jimmy Buffett in 1977. It speaks to a laid back lifestyle and the idea of living with an iconic beach vibe 365 days of the year. The success of the song launched Buffett into stardom and created a massive following of Parrot Heads who are generally characterized as Aloha shirt wearing, koozie bearing bastions of relaxation and sunshine.
In the early 80’s the name Jimmy Buffett became synonymous with the “Margaritaville” way of life, and, being the savvy businessman that he is, Buffett doubled down on his early success.
The first Margaritaville restaurant opened in Key West in 1987 and from that day on, Buffett along with several local partners began to grow his brand into an empire.
In 1995, Margaritaville opened it’s first international location in Negril, Jamaica. Following that success, In the early 2000’s it began an aggressive national and international expansion.
In June 2010, the first Margaritaville resort was opened in Pensacola Florida with the first Margaritaville casino opening 3 years later in Bossier City, Louisiana.
The Bosier facility, by they way, is a $170 million complex that includes a 400-room resort, an 18-story hotel tower, and a 1,000-seat entertainment complex, making it a significant addition to the Margaritaville portfolio.
There are currently 8 Margaritaville hotel and resort facilities located outside of the US. Their locations include Costa Rica, Jamaica, Belize, The Dominican Republic, Mexico, Puerto Rico and the US Virgin Islands.
Margaritaville started with a song and has slowly branched out into an empire. And 40 years after the song came out, it’s just as popular as ever.
What are Margaritaville Hotel and Resorts Like?
Margaritaville resorts have managed to combine two themes that are not always blended well: Laid-back & Luxury.
In short, Margaritaville Hotels and Resorts are all about ttropical vibes and luxurious amenities. Guests rave about the welcoming atmosphere, extensive activities, and prime beachfront locations, making these resorts a popular choice for those seeking a laid-back yet upscale vacation experience.
Unlike more stuffy brands like Marriott and more value-oriented brands like Choice Hotels, Margaritaville has been able to carve out a very large and loyal customer base in a very competitive niche market.
Why did Margaritaville Choose to build in Panama?
According to Tamara Baldanza-Dekker, chief marketing officer at Margaritaville, “we’re always looking for locations that are diverse and multifaceted, so Playa Caracol, Panama was the perfect destination to introduce this new way to live. In addition to its growing popularity as a retirement destination, Panama is a bright and inspirational country that brings together elements of fast-paced business with a relaxing lifestyle, similar to Margaritaville’s ethos.”
“Honoring the historic elements of the area and its vibrant future, Margaritaville Beach Resort & Residences Playa Caracol will feature thoughtful design inspired by the country’s energy as a global hub as well as its dynamic landscapes.”
C-Level folks have a tendency to speak in code. What she meant to say was “we think Margaritaville is going to make a lot of money in Panama.” And not just because Panama is an up and coming tourism destination. The beaches areas around Playa Caracol are absolutely beautiful! Plus the location of the project is going to be about an hour’s drive to two different international airports, which is an important box to check for a development of this size.
Where will Margaritaville Panama be located?
Margaritaville Beach Resort & Residences will be located in Playa Caracol, Panama.
Playa Caracol is located in the Chame District of Panama and is an emerging destination known for its long stretches of sandy beach.
Easily accessible from Panama City, it offers a tropical environment ideal for swimming, snorkeling, and kayaking.
Nearby Coronado offers additional shopping and recreational options, enhancing Playa Caracol’s appeal as a prime location for both tourists, retirees and locals.
The exact location of Margaritaville Beach Resort & Residences Playa Caracol will be adjacent to the Playa Caracol Residences which is a 20 minute drive after exiting the Inter American highway (la Interamericana).
Margaritaville Beach Resort & Residences Playa Caracol is a one hour drive to the airport at Rio Hato and a 1.5 hour drive (without traffic) to the Tocumen International Airport.
Who is building Margaritaville Beach Resort & Residences Playa Caracol?
Grupo Los Pueblos will be the builder of Margaritaville, Panama. Grupo los Pueblos, or GLB was founded in 1985 and is a prominent real estate developer in Panama. The company excels in designing, developing, and constructing residential, commercial, and leisure projects.
Their portfolio includes luxury residential communities and major commercial centers like Ocean Reef Islands and Albrook Mall. Grupo Los Pueblos is dedicated to excellence and sustainability, positioning them as a key player in Panama’s real estate market.
Their CEO, Alfredo Aleman has an impeccable reputation and his company has built a number of high profile projects including the Albrook Mall along with dozens of luxury condo developments.
It is reported that the GLP brand has secured hundreds of acres in and around the Margaritaville project site for future development, which will likely give the area a boost over the coming years.
What Is For Sale in Margaritaville, Panama?
To date, only Phases 1 and 2 have been released in terms of property for sale in Margaritaville, Panama. These first two phases consist of a total of 181 condos as well as 80 Beach Cottages with prices starting at just above $300,000.
All properties for sale in Margaritaville, Panama include appliances as well as air conditioning units (split-style).
These units are being sold either as a part of the property management schema under the Margaritaville brand for investors. Condos and Cottages in Margaritaville, Panama are also for sale as stand-alone, fully titled properties.
What are the costs of ownership in Margaritaville, Panama
The home owners association in Margaritaville, Playa Caracol will be $5.50/m2 or just under $.50/sf. This will cover all common area maintenance as well as maintenance of the resort facilities.
All properties will carry a tax exonerated status based on Panamanian law, and there will be no rights or restrictions on foreign ownership.
Additional costs of ownership in Margaritaville will be the standard utility expenses such as water and power consumption. There is high speed internet and cellular coverage in the area.
What Amenities will Margaritaville, Panama have?
One thing that the Margaritaville resorts are known for is amenities, and Margaritaville’s Panama location will feature many of the iconic amenities that the brand has made famous.
Food and beverage options will be plentiful onsite and include several restaurants, bars, and snack shops including the Five O’clock Somewhere Bar and Grill. Additional retail amenities include a coffee shop, equipment rental and tour booking facility.
Resort amenities include courts for pickleball and tennis, a fully equipped gym, day spa, children’s play area as well as several outdoor and air conditioned common areas for residents and guests.
The anchor amenity for the Panama location will of course be the beach club, which will feature paddle and surf board rentals, excursion and fishing charters, as well as the myriad of cabanas, lounge chairs, and towel rental facilities one would expect.
Is Margaritaville, Panama a Good Investment?
It remains to be seen whether Margaritaville, Panama will be a good investment or just another beach project in Panama.
Given the global reach of the brand, the track record of the developer, and all of the planned infrastructure upgrades (many of which will be delivered prior to the resort opening), we believe that Margaritaville, Panama has the potential to be a terrific investment.
For buyers considering investment income, we believe the brand will be able to tap into it’s niche of loyal clients worldwide to keep occupancy high. Furthermore, if the brand is able to leverage existing relationships with major travel agencies and booking platforms, then it’s success is even more assured.
For buyers looking for appreciation, we believe that a more tempered approach should be taken given the current level of development in the Punta Chame and Playa Caracol area.
Like any real estate project anywhere in the world that has yet to be completed, buying pre-delivery always represents a risk/reward scenario.
