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August 26, 2008 
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[phpostock]Lee, 20[/phpostock]
The Young and the Restless: Two American Entrepreneurs in Central America, Keenan Lee and Matt Landau, With an Appetite for Success
Costa Rica has long-been all the tourism rage and only recently has Panama (its neighbor to the south) started to pick up steam thanks, in part, to an expansion of its canal, several new oil refineries, and a dollar-based economy.
However, for two young New Jersey-native entrepreneurs Matt Landau originally of Princeton, NJ, and Keenan Lee of Chatham, Panama seemed like the obvious next move. The two college friends, less than fifty in combined years, currently own and operate a boutique hotel situated in Panama City's old quarter of Casco Antiguo: a historic coastal community that boasts churches dating back nearly half a century and storybook-like European plazas.
“We knew we wanted to get into a market where we'd be one of the earliest players in the game” cites Landau, an internet marketing specialist, as one reason Panama—and more specifically the limited edition district of Casco Antiguo—seemed to be so enticing. “Doing so allowed us to make a number of first-timer mistakes without losing out to competition. Simply because no competition yet existed.”
While little competition might otherwise lead to complacency, Landau and Lee appear to be motivated to outdo themselves, unhappy if one month’s occupancy rate doesn’t surpass that of the last (which, at time of print was 92%).
“Matt and I are polar opposites when it comes to business” echoed Lee, a finance major-turned hotelier. “I need things orderly and organized, whereas Matt’s more out of the box. It’s a good recipe and we’re looking to get involved in several new projects over the coming months.”
The two who graduated with business backgrounds from the University of Richmond, VA seem to represent a new breed of young, driven entrepreneurs straight out of college looking to work on international soil. Increasingly, many of these entrepreneurs—often successful through internet-based endeavors, thanks to low overhead and worldwide reach—are not satisfied with just one successful business or two, but rather the challenge of it all.
While Landau and Lee, casually dressed and looking their age, often joke that neither had any experience in hospitality other than staying in hotels, their boutique hotel seems to echo a different, more sophisticated sort of familiarity.
“We try to stress the little things, which the larger hotels can't afford to focus on” said Landau, noting fresh flowers in all entryways, stocked fridges and kitchens, and hand-written welcome notes in each room upon arrival. The feeling is that of being a guest in one’s home, far distant from other luxury hotels offered in the ever-evolving Panama City skyline. “Beyond those little details, we feel the product of Casco Antiguo living tends to speak for itself.”
This attitude, while seemingly simple and unpretentious, has landed the youngsters' undertaking on the pages of publications such as Conde Nast (UK), FASHION Magazine (Canada), and Entrée Travel News (USA).
As owners of the only high-end accommodation in the historic district, the Jersey boys' success has not come without significant tribulation, having spent roughly six months hammering out kinks: the kinds of things, they credit, one cannot learn out without doing them wrong a couple of times. But in making their mistakes, Landau and Lee have emerged as experts on the topics of travel and investment in Panama, where tourism and real estate numbers are rising faster than any country in the region.
Their hard work was epitomized, in the hotel’s early days, by the office-cum-apartment which at times, admitted Lee, looked like a bomb had hit it. Late nights on the computer and makeshift storage areas became representations of their dedication to the company and financial/judgmental errors (many of which they experienced in the first few months) came to be referred to, sarcastically, as “tuition” seeing as neither of the two attended grad school.
“Much of this project has been trial and error for us, but we love that. It's the most exciting part” explains Landau, who believes Los Cuatro Tulipanes has finally found its niche in the market of exceptional places to stay in the Republic. "And what doesn't kill a business definitely makes it stronger. We've finally reached a comfort level that's started to result in good numbers.”
With four new hotels confirmed to be built in the old quarter over the coming three years, the boys from New Jersey will be tested once again, but it appears that the challenge for them is not one that ever grows old.
About the Author
Ken Rowan
http://www.nytimes.com
http://www.businessweek.com
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