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Latin America Investment News on Viva Tropical

Panama Adds More Hotel Rooms But Receives Fewer Visitors

Article Summary:

The addition of three new hotels to Panama brings a substantial increase to competition in the industry, while the influx of visitors to Panama has dropped by 6% in January over the previous period in 2011.

Photo Credit: Prensa

Original Article Text From Prensa via Google Translate :

Hotel Opening Would Boost Competition

The hotel industry in Panama is on the eve of experiencing a substantial increase in competition with the entry of about a thousand 500 rooms available for tourists in the Hard Rock Hotel, located on Avenida Balboa.

The franchise, known for its restaurants and hotels throughout the world, will open officially in October, but has begun to offer half of its rooms in a soft opening or partial opening at the date of opening to expose the local market its of restaurants and bars.

Following its opening, the hotel would be the largest in terms of rooms in Panama. Handle about 7.5% of 20 000 hotel rooms planned for completion in 2014, of which 50% will have been built between 2010 and 2014.

It is expected that the increasing number of rooms creates fierce competition among industry participants to obtain a high occupancy rate, which is in decline.

This decline has caused concern among members of the hospitality industry, coupled with the fall in the rate of growth of tourist arrivals to the country, which reported a 6% in January 2012 compared to January 2011.

The drop represents a decline of six percentage points on year rate of 12% between January 2011 and January 2010.

Both elements have been represented in a decrease in hotel occupancy rate by 2% added for 2011, which has immediate effects on the finances of the sector.

Despite the decrease in occupancy rate, the inflow of tourists to the country grew by 16% during the same period, surpassing the 2 million tourists, reflecting the greater diversity in hotels.

Among the other brands soon to open in Panama is the Waldorf Astoria, with 126 rooms and the Hilton Panama, with 351 rooms.

Link to Original Article:

From Prensa

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