LONDON, December 21, 2010 -- Grace Hotels Group (http://www.gracehotels.com), the award-winning luxury boutique hotels group has begun its expansion into Central America. This follows the recent announcement of the company's first hotel development in South America, Grace Cafayate, Argentina and its acquisition earlier this month of the historic Vanderbilt Hall in Rhode Island, USA. The new hotel, Grace Panama, is being created in partnership with F&F Properties, the real estate developer responsible for some of the most striking and prestigious properties on the Panama City skyline. Grace Hotels is owned by the Libra Group, a privately held global conglomerate which itself has extensive interests in Central and South America.

Grace Panama will occupy the ground floor plus five upper floors of F&F's dramatic Twist Tower office and hotel development, currently under construction in the exclusive Obarrio residential and commercial district, just minutes from Panama City's financial centre. The luxury boutique hotel will provide the elegance and dedication to service that has won Grace Hotels international critical acclaim and numerous awards. It will comprise 60 bedrooms including two ultra-luxurious VIP Suites, a fine dining restaurant and bar at ground level and, on the 12th floor, a business centre with three boardrooms plus a bistro and health club with outdoor pool offering spectacular views of the city.

Commenting on behalf of F&F Properties, President & CEO Saul Faskha E. stated: "From a very early stage of planning we envisaged a luxury boutique hotel as an integral part of Twist Tower. The Grace Hotels Group offers a very distinctive personality that we regard as perfect for the modern discerning traveller. Meanwhile the group's industry recognition and awards speak for themselves".

Philippe Requin, CEO of Grace Hotels added: "We are thrilled that our first city centre hotel will occupy F&F Properties' latest creation. Twist Tower is a magnificent example of contemporary urban architecture and will be a perfect environment in which to introduce new audiences to the Grace experience. The tower itself will be home to numerous businesses that will be able to benefit from our comprehensive business services. Meanwhile the health club and pool will offer an escape from the bustling city for all guests." The Grace Panama is expected to open in the summer of 2012.