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Latin America Investment News on Viva Tropical

Hotel Supply Exceeds Expected Demand in Panama

Article Summary:

Just this year over 600 rooms have joined the market with the openings of various hotels like the Trump, Victoria and Hilton Doubletree. But the occupancy rate is expected fall to 50%, because there will be more rooms entering the market than there will be people to fill them.

Photo Credit: La Prensa

Original Article Text From La Prensa via Google Translate :

Hotel occupancy in the capital city has entered a kind of recession due to a greater supply of rooms by opening new hotels.

In October, employment in hotels over 100 rooms in the capital reached 62.3%, while the same month last year reached 68.4%. In the annual comparison, employment fell 1.4%.

This year enabled more than 600 new hotel rooms, including Trump, Hilton and Doubletree Victoria, among others. Hotel industry projections indicate that in October there would be an increase of 4% as a result of the climate change convention held in the capital city in the month.

During the first 10 months of 2011, occupancy reached 66%, while last year from January to October reached 66.9%. For next year, the Panamanian Association of Hotels (Apatel) estimates that hotel occupancy will fall to 50%, with reference to the number of rooms that are entering the market versus the number of tourists entering the country.

Although to October tourist arrivals increased by 11%, the occupation has not recorded the same growth behavior.

In December, the Tourism Authority of Panama incorporate into its analysis the new rooms that have enabled this year, about 2000, so that the occupation is expected to reflect a more pronounced decline. There are several hotels in the capital will begin operations in early 2012.

Link to Original Article:

From La Prensa

Latin America Investment News on Viva Tropical