Panama Hotel Occupancy Falls in 2009 |
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| Written by Matt |
| Thursday, 14 January 2010 07:26 |
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2009 was a difficult year for Panama hotels as a confluence of factors struck the growing industry where it hurts most. According to IPAT, hotel occupancy numbers around the country decreased in 2009 with Panama's largest hotels (those with 100 rooms or more) feeling the recession hardest and recording a decrease in occupancy of 18%. Hotels specifically in Panama City fell from 67% to 57%, a drop of nearly 15%.Â
A basket of Panama's smaller hotels (those with less than 100 rooms) experienced a decrease of around 2%, falling from 46% in 2008 to 45% in 2009. Most effects can be derived from the financial crisis with corporations cutting back on travel significantly and tourists staying at home because they're worried about the future. While the decreases in hotel occupancy have resulted in lowered revenue for the hotel industry as a whole, they've been a delight for consumers searching for travel bargains as many Panama hotels are slashing rates and offering special promotions in order to attract guests. With the number of hotel rooms available expected to continue to grow in 2010, there appears to be a few years of stiff competition and price wars in store: a welcomed change to travelers who saw the price of Panama hotel rooms balloon in the past five years. Experts predict a healthy competition between hotels in various Panama regions trying to vie for limited clientele. Trackback(0)
Comments (3)
  written by EyeOnPanama.com , January 14, 2010 True. In my old apartment, in front of Hotel Marriott, I noticed a huge decrease in the amount tourist roaming the streets.
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 written by Sue Kamacock , January 17, 2010 maybe, just maybe, this is more a reflection of how bad the hotels and service are compared to other destinations. People being a little more discerning and unwilling to let Panama get away with so much crap. Or, maybe, it is the first sign of a drying up of the Venezuela trade with the squeeze on obtaining free money from Hugo....if so, I wonder how they will pay for all those apartments!
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