Originally published March 25, 2007 in the Latin America Real Estate News
During the month of March, Panama received a great influx of tourists. Not only is it the end of high season, but a number of important international commercial fares have been taking place recently in Panama City, such as Expocomer. These visitors all need hotel rooms, and therefore have left Panama’s capital city without any availabilities. The demand for hotel rooms rose approximately 24% in comparison with last year, a statistic that represented 90% occupation, a positive indicator for this important sector of the national economy.
Naturally, after the Panama Tourism Board (IPAT) announced that it had finalized a master plan to increase tourism in Panama over the next 20 years, the expectations of the hotel sector grew. Nevertheless, some of Panama City’s growing demand for hotel lodgings should be satisfied by the number of important projects soon to be built, most notably along the Panama Bay.
