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.
During the first four months of 2013 the convention and congress sector revived the hotel sector which recorded an average occupancy of 61%.
An oversupply of rooms, the competition of "vacation rentals", Liberia airport, and the lack of an international convention center, are factors affecting the profitability of hotels in the capital.
Hotel occupancy in Panama has dropped by two percentage points in the first months of the year, and it is estimated that by 2012 the occupancy rate will fall to 38%.
There are currently 812 hotels registered offering a total of 18,500 beds in 11,200 rooms, which in 2012 had an occupancy rate of 66%.
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