Hotels Supply Up in Panama

The introduction of 500 rooms belonging to the Hard Rock Hotel will decrease the overall occupancy rate, with immediate financial effects.

Thursday, May 10, 2012

"The franchise, known for its restaurants and hotels throughout the world, will officially open in October, but it has already begun to offer half of its rooms in a soft or partial opening before the official inauguration to showcase its range of restaurants and bars to the local market ", reports Prensa.com.

The start of operations of the first Hard Rock Hotel in Latin America represents a significant increase in competition in the hotel industry, especially when the 1,500 rooms become available.

When officially opened, the hotel will be the largest in terms of number of rooms in Panama. It will own about 7.5% of the 20,000 hotel rooms which will be available in 2014.

Hotel occupancy rate is down. At the same time, tourist arrivals have also declined: down 6% in January 2012 compared to January 2011. The drop represents a decline of six percentage points in relation to the interannual rate of 12% between January 2011 and January 2010.

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