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The massive renovation of the Panama Canal won’t be finished till 2014, but Panama City is already filled with energy. The region’s first Waldorf Astoria opens this year, as does the American Trade Hotel, a 50-room luxury eco-hotel slated for spring. Meanwhile, the city’s historic Casco Viejo area is now home to cool hotels like Las Clementinas (photo), whose chef, Javier Lamarca, trained at El Bulli. But the most anticipated opening is Biomuseo, a natural-history museum designed by Frank Gehry and launching later this year.