Had not noticed this place on previous visits to Porto Colom and believe it is newish.
It is not in the same league as several of its (much pricier) neighbours but none the worse for that as it offers a more robust alternative to the others when all you want is a meal rather than a dining experience. It is pitched much lower in price and is excellent value.
The food is fine but not exceptional and the service varies from zero to frantic. Possibly not enough staff (just 3?) as a result of keeping costs and hence prices low.