10 New Hotels Will be Built in Panama

According to estimates from the Panamanian Association of Hotels (APATEL) and the Panamanian Board of Tourism, between eight to ten new hotels will be constructed in Panama within the next three to five years, adding an additional 3,000 new rooms to the market.

The hotel and hospitality sector is preparing to serve the growing number of tourists who are visiting Panama every year. In the first three months of 2007 (January to March), 389,258 tourists visited Panama, or 8.7% more than in the same period last year according to statistics from the Panamanian Institute of Tourism (IPAT).

The numbers reflect only tourist hotels in Panama City which reflected an overall occupancy rate of 53.3% and an overall increase of 11.4% over 2006, and the numbers reflected were 65% from high-end hotels and 34% from secondary hotels.

Jaime Campuzano, President of the Panama's Tourism Board, said the country should implement an advertising campaign to promote the country as soon as possible to promote tourism in Panama.

Other Articles:

• 1,261 Millions Invested in Projects
• Property Tax Exonerations Extended
• South of the Border, the Market's Still Hot
• 10 New Hotels Will be Built in Panama
• Insider's Guide to Panama Real Estate
• Creating Wealth with Real Estate: A Simple Plan
• New Incentives for Foreign Investors
• Increment in Commercial and Residential Rentals
• Nikki Beach is Coming to Panama
• Panama on the Rise
• Panama Real Estate Business Practices
• Goverment Sales
• Foreigners Rights regarding ownership of Property in Panama
• The Truth About Derecho Posesorio Rights
• What to Know When Buying Real Estate in Panama
• Purchasing Real Estate in Panama from Abroad
• The General Process of Buying Real Estate in Panama