(Relaxnews) - W Hotels announced this Wednesday that it was opening a new property in Panama City, the first for the brand in Central America.

The hotel, expected to open in 2016, will be part of a 50-floor building which will also include office space. Located in the city's financial center, the interior design of the hotel will be done by Krause & Sawyer, a firm which has previously designed the interiors of two W Hotels in New York and one in Mexico City.

The W Panama will include 203 guest rooms including 24 suites, three Wow suites and one Extreme Wow suite (the brand's take on the Presidential suite). The facilities include two restaurants, a nightclub, a spa and a fitness center.

The W Panama will be parent company Starwood Hotels' ninth hotel in the country.

The hotel industry in Panama continues to grow with the opening of several international brands. Recently the industry reported a growth of 73 percent in the number of hotel rooms in the country since 2010. In the coming year, 14 hotels are expected to open including five-star hotels such as the Waldorf Astoria, the Ritz-Carlton and the Four Seasons.

Also opening this fall is the Hard Rock Hotel, adding 1,500 rooms to the city's capacity. When it opens, it will be one of the biggest hotels in the region.