Banking District

Over the past 13 years, Panama City has been racing to become a world-class metropolis, and for travelers, the changes have been enormous. In 1997 there were perhaps 1,400 hotel rooms in Panama City. Now there are more than 15,000 with another 4,582 rooms in the pipeline, according to STR Global, a London-based agency that tracks hotel markets. In the last two years alone, Trump, Starwood, Waldorf-Astoria, Westin and Hard Rock have opened hotels here. A new biodiversity museum designed by Frank Gehry is nearly complete. The country’s first modern dance festival unfolded last year, the same year Panama held its first international film festival. The Panama Jazz Festival is going strong after 10 years. The country even has its own year-old microbrewery.

Indeed, since 2008, when much of the world was in a recession, the Panamanian economy has expanded by nearly 50 percent. The canal itself, which frames the western edge of Panama City, is undergoing a $5.25 billion expansion that is expected to double its capacity and fuel even more economic growth.  Soon a new $2 billion subway, Central America’s first, will whisk people from the suburbs to downtown.

In 1999 just 457,000 international tourists visited Panama, World Bank figures show. In 2011, more than 1.4 million came. Plenty are staying, too: sun-seeking Americans, Venezuelans and wealthy Colombian expatriates who are buying second homes and retirement properties all over Panama. In short, this city of about 880,000 people has gone from a ho-hum business center on the navy blue Pacific to a major leisure destination in record time. In doing so it has become a place full of the kind of paradoxes that occur whenever a very old place grinds against the very new.

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