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Latin America Investment News on Viva Tropical

Panama Hangs Out the Hotel Vacancy Sign

Article Summary:

Panama will double its hotel capacity in the period of six years, from 9,000 rooms in 2008 to 18,000 in 2014 and sets its sights on convention tourism by establishing tax benefits for U.S. companies which hold conventions in Panama.

Photo Credit: Capital

Original Article Text From Capital via Google Translate :

Panama Doubled its Hotel Capacity

Panama will double its number of hotel rooms available in a period of only six years, from 9,000 rooms in 2008 to 18,000 in 2014, the deputy administrator of the Panama Tourism Authority (ATP), Ernesto Orillac during the Panama Week 2012, organized by the Business Council US-Panama (USPA) and held in Washington last week.

Asked about the future of tourism convention, the official said that this sector now accounts for 16% of total tourism business in Panama, which are establishing an office in the ATP to position the country in the world tourist map as a venue for many events and that this role will work on the basis of public-private partnerships.

Meanwhile, Panama’s ambassador in Washington, Mario Jaramillo, said that it is expected that in 2014 some 15 large U.S. companies make their conventions in this country each year, taking advantage of the tax benefits under the Treaty of Tax Information Exchange Agreement between the two countries, which allows these companies U.S. tax deductible expenses for conducting conventions in Panama.

Regarding the new hotels in the country, you can highlight multiple cases: is to open the Hilton and others in the banking area. The W hotel is under construction. The opening of the Waldorf Astoria is also forthcoming. The construction of the Aloft hotel, located next to the Sheraton, is in its final stage. And inside, the Bristol is going to take the flag of JW Marriott.

But there are also new multimillion investment to come. “The Decameron build a 250-room hotel in the Caribbean, Costa Arriba de Colon” he said Orillac.

The ATP projects that the number of tourists and visitors who enter the country at the end of this year will reach 2.2 million.

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From Capital

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