Hotel Sector Bets on Events

In order to increase hotel occupancy in Panama, business people believe that the country should focus on attracting clients in the segment of meetings, conferences, exhibitions and congresses, events that could become the lifeline of the sector.

Monday, January 20, 2020

According to reports from the General Comptroller of the Republic, in October 2019, hotels in Panama City reported an average daily occupation of 4,457 rooms, 5% less than the same month in 2018.

You may be interested in "Tourism and Travel: Consumer Interests and Preferences"

Regarding the bet on the events market, Ernesto Orillac, president of the National Chamber of Tourism of Panama (Camtur), told Elcapitalfinanciero.com that "... you can start with medium sized meetings, with averages of 800 people, and then work on large congresses, with participation of 2,000 to 3,000 attendees, as a fast track to increase occupancy and rates."

Liriola Pitti, director general of the Panama International Tourism Promotion Fund (Promtur), explained that "... Events and conventions tourists, in the case of Panama, spend an average of $400 while leisure tourists invest close to $230. We have enough infrastructure for this type of tourism."

It is estimated that globally, the average expenditure of a meeting tourist is $704 per day, with an economic return of 160% for each dollar invested.

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More on this topic

Hotel Profits Down 20% in Panama

June 2014

Although the number of tourists coming to Panama City continues to grow, there is still an oversupply of rooms, and in the last 3 years average occupancy has fallen by 10%.

The prevailing oversupply in the sector has begun to affect hotels, whose financial profits have been reduced by 20%.

Costa Rica as Destination for Conventions

June 2013

The country will be promoted as a destination for congresses during the AIBTM fair which will take place between Tuesday and Thursday in Chicago, United States.

According to the chief of Tourism, Allan Flores, AIBTM's presence of 14 companies operating in the country, is part of a strategy to position Costa Rica in the conference and meetings market.

Hotel Occupancy in Panama Improves

May 2013

During the first four months of 2013 the convention and congress sector revived the hotel sector which recorded an average occupancy of 61%.

Prensa.com reports that "in total, between January and April 831,593 visitors were reported, which is an increase of 4.4% with 34,893 additional travelers compared to the same period last year."It is estimated that during this period about $847.7 million entered the Panamanian economy.

International Conventions Boost Hotel Business

May 2013

The act of holding conventions in Panama has intensified areas such as transportation, lodging and shopping, and its contribution to GDP is projected for this year at $32 million.

According to the Tourism Authority of Panama (ATP), the IX World Congress and celebration of 50th anniversary of the World Missionary Movement's work, held at the Figali Convention Center, generated 20,000 room nights and provided $5 million.

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