$115 million invested in Panama hotel sector

The high demand by visitors to the capital city has caused more and new hotels to be built and for the number of rooms available to be expanded.

Tuesday, December 23, 2008

Hotels under construction include the Riu, the Megapolys, the Los Faros and the Le Méridien, which should start to function between 2009 and 2011.

More on this topic

New investments renew the Panama hotel sector

November 2008

Growing level of occupancy have injected dynamism to the Panama hotel sector

This does not only include the construction of new installations, but the expansion and renovation of many of the lodging centers already established in the country.

For a while now the availability of rooms (which was over 5,694 in July 2008) is now lacking and according tot hte Panama Tourism Authority (ATP) 1,188 new rooms will be available at hotel that are already registered. This year the investment surpasses $117.7 million.

Panama hotel supply still not enough

January 2009

Despite an increase of 3.4% in 2008, hotels were unable to meet the demand for tourist accommodations.

According to sigloxxi.com, "For the sub-administrator of the Panama Tourism Authority, Carl Fredrik Nordstrom, supply increased, but "it is never enough," bearing in mind the increase in tourists that are visiting the country.

Tough Competition for Hotels in Panama

September 2015

Lack of international promotion is the cause indicated by entrepreneurs of the fall in the average rate in the capital, which has dropped by 40% in the past five years.

The union says the problem of oversupply of rooms in the country began to get worse in 2012, when the international tourism promotion agreement which the government signed with an advertising agency ended.They argue that "...While Panama disappeared from international markets, other countries such as Costa Rica, Mexico, Ecuador and the Dominican Republic increased their spending on advertising. "

Another Investment by Riu Hotels in Panama

November 2012

With an investment of $67 million the Spanish chain Riu Hotels & Resorts will build a beach resort in the district of Rio Hato, Cocle Province.

The 520 room hotel under the name Riu Playa Blanca, will be the second in Panama owned by the chain, after having opened the Rui Plaza in 2010 which has 645 rooms in the capital.

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