IHG announced that it has signed a franchise agreement for a new-build Holiday Inn Express hotel in Panama City, Panama.

The property will be owned and managed by Latin American Hospitality Management Inc., San Salvador-based Grupo AGRISAL’s Hotel Division, under a license agreement with a company in the InterContinental Hotels Group.IHG has almost 200 hotels in Mexico, Central and South America and the Caribbean. IHG has hotels situated in nearly every key market throughout Latin America and the Caribbean.The 198-guest room, 12-story Holiday Inn Express Panama City, scheduled to open in July 2012, is the fourth of seven IHG-flagged properties either open or under construction through a long-term strategic agreement between IHG and Grupo AGRISAL’s Hotel Division. The three properties currently opened under this agreement include the Holiday Inn San Jose Escazu in Costa Rica and two properties in El Salvador, the Holiday Inn San Salvador and the Crowne Plaza San Salvador.When open, the Holiday Inn Express Panama City will be IHG’s 24th hotel in Central America, inclusive of the InterContinental Hotels & Resorts, Crowne Plaza Hotels & Resorts, Hotel Indigo, Holiday Inn Hotels and Resorts and Holiday Inn Express brands.IHG has almost 200 hotels in Mexico, Central and South America and the Caribbean. IHG has hotels situated in nearly every key market throughout Latin America and the Caribbean.