Panama City is both old and new, literally. There are two cities beside each other. The old "Viejo" section of town has stunningly timeless beautiful made of masonry and wrought iron. The new city has the best of the modern skyscrapers and everything that goes with it. Whether you want to dance all night in some of the worlds best clubs or lounge seaside, Panama city has it all.
If you want white sandy beaches and clear blue water you can fly or ferry out to the nearby Las Perlas Islands.