Mauricio Cordoba fidgets in his seat at a corner table of his cigar club. Scanning the room, Club Macanudo’s general manager takes note of patrons reclining on various leather couches or seated at the dozen or so candlelit tables—tables that recast the main gathering space of the club into an upscale dining room as much as the leather couches transform it into a relaxed cocktail lounge.

Billows of cigar smoke waft upward from a group of businessmen seated on a couch in the room’s center and also from a jovi…