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Friday, November 24 2017 @ 07:47 AM EST

Hotel Occupancy Rates Falling As New Rooms Come On Line

HotelsHotel occupancy rates in Panama City are falling as the result of a greater supply of hotel rooms now available, thanks to the opening of several new hotels. In October 2011 occupancy rates in hotels with more than 100 rooms in Panama City reached 62.3%. By comparison during the same month last year occupancy rates were 68.4%. Overall for the year occupancy rates have fallen by 1.4%. This year more than 600 new hotel rooms have come online, including those in the Trump building, the Victoria, Hilton Doubletree, and others.

Hotel industry projections had indicated that in October 2011 there would be an increase of 4% in occupancy rates as the result of a climate change convention held in the capital city during the month. During the first 10 months of 2011, occupancy rates reached 66%, while last year from January to October the rate was 66.9%. For next year, the Panamanian Association of Hotels (Apatel) estimates that hotel occupancy rates will fall to 50%, with reference to the number of rooms that are entering the market versus the number of tourists entering the country.

Although through October 2011 tourist arrivals increased by 11%, hotel room occupancy rates have not recorded the same growth behavior. Starting in December the Tourism Authority of Panama will incorporate into its analysis the new rooms that have been opened this year, about 2000, so therefore occupancy rates are expected to reflect a more pronounced decline. There are several hotels in the capital that will begin operations in early 2012. (Prensa)

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