The management agreement was signed by Mr Julio Noval-García, President of Grupo Mall and Mr Gerald Lawless, Executive Chairman of Jumeirah Group at a private signing ceremony held in Burj Al Arab, Dubai.

Designed by architectural firm Chapman Taylor and Humberto Echeverria and Associates, Los Faros de Panama complex will ultimately consist of three towers. The central tower will be 361 metres tall and 85 floors (Phase 1), making it one of the tallest towers in Latin America. The two lateral towers (Phase 2) will reach 266 metres in height with 75 floors.

In addition to luxury residences and Class A office space, the main tower will include Jumeirah Los Faros de Panama, comprising 400 luxurious hotel rooms and suites, Jumeirah’s signature Talise spa, fitness and leisure amenities, and 3,000 m2 of conference and meeting facilities. Hotel guests, residents and visitors to the tower will also have access to exclusive restaurants, lounges and retail outlets.

Los Faros de Panama is located in the central district of San Francisco, adjacent to the emerging and dynamic neighbourhoods of Punta Pacifica, Punta Paitilla, Marbella and Avenida Balboa. The complex is in close proximity to the Pacific Ocean and faces Panama’s upscale shopping centre, Multiplaza Mall; it is also adjacent to the Hospital Punta Pacifica, affiliated with the Johns Hopkins Hospital and Health System. Tocumen International Airport is located 17 kilometres away, with daily flights to major cities in North and South America.

About Jumeirah Group:

Jumeirah Group, the Dubai-based luxury hospitality company and a member of Dubai Holding, operates a world-class portfolio of hotels and resorts. Jumeirah Hotels & Resorts includes Jumeirah at Etihad Towers in Abu Dhabi; Burj Al Arab, Jumeirah Beach Hotel, Jumeirah Emirates Towers, Jumeirah Zabeel Saray and Madinat Jumeirah in Dubai; Jumeirah Dhevanafushi and Jumeirah Vittaveli in the Maldives; Jumeirah Himalayas Hotel in Shanghai; Jumeirah Frankfurt in Germany; Jumeirah Grand Hotel via Veneto in Rome; Pera Palace Hotel, Jumeirah in Istanbul; Jumeirah Carlton Tower and Jumeirah Lowndes Hotel in London and Jumeirah Essex House in New York. Jumeirah Group also runs the luxury serviced residences brand Jumeirah Living; the spa brand Talise; Jumeirah Restaurants; Wild Wadi Waterpark; The Emirates Academy of Hospitality Management; and Sirius, its global loyalty programme.

As part of its ambitious expansion plans, Jumeirah opened eight new hotels since the beginning of 2011 in Abu Dhabi, Dubai, Shanghai, Frankfurt, Rome, London and two in the Maldives. A further four properties in Mallorca, Dubai, Kuwait and Baku will open in 2012.