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Latin America Investment News on Viva Tropical

Panama Adds $153 Million in Tourism Projects

Article Summary:

New projects submitted between January and October of this year exceeded both in number and amount of investment to those recorded in 2010. In total, 33 projects add 812 new rooms and is estimated to generate 559 employment positions. The majority are to be built in the province of Panama, followed by Chiriqui and Colon.

Photo Credit: La Prensa

Original Article Text From La Presna, Panama

Between January and October had registered 33 tourism projects in the Tourism Authority of Panama (ATP), which together represent an investment of 153 million dollars.

66% will be built in the province of Panama and the rest in the provinces of Chiriqui (6) and Colon (3). The number and size of projects registered until October, than those recorded in 2010, which totaled 39, with an investment of 140 million dollars.

The most representative projects are the Ramada hotel, the Farallon Beach Resort and the Hyatt Place Panama, according to records in the direction of tourism businesses in the ATP.

In total, 33 projects will add 812 new rooms to the market and is estimated to generate 559 employment positions.

In addition to housing projects in the first 10 months have also recorded 17 travel agencies, 14 of them in the capital city and the rest in Cocle, Chiriqui and Veraguas.

The estimated investment for the line travel agency is $ 255,000. Unlike previous years, in 2011, most registered projects have been small accommodations.

Industry sources indicated that while tourism continues to grow at a rate exceeding 10%, as has happened in recent years, employers continue betting on the development of tourism projects.

However, hoteliers have said the government should stop the arrival of new hotels in the capital city, to prevent the occurrence of a “cannibalism by tourists entering the country.”

In the last five years, according to statistics from the American Council of Tourism, tourist arrivals grew 43% in Panama, and Panama estimates that this year could reach the barrier of the 2 million visitors..

Link to Original Article:

From La Prensa, Panama

Latin America Investment News on Viva Tropical