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September 9, 2010by Ellie Schwing
Posted In: Our Global Community
Driving around Panama City it doesn’t seem like there’s a recession going on here like what’s going on around the globe.
Despite still being considered by some a third world country, Panama is growing rapidly. Around the corner from Hispania, there is a Trump Ocean Club hotel under construction and I know a Ritz-Carolton and Waldorf Astoria are coming soon…
Do these BIG, luxurious names sound familiar? People are always surprised by how metropolitian Panama City is, but you’ve got to understand, Panama is one of the world’s ‘hottest’ locations right now!
As I look out my window in Hispania, there are around 10 new high rises under construction, maybe 100 already existing and many more permitted. Every morning, I’m awoken at 6 A.M. to the sound of trucks and cranes moving large construction pieces.
As I’ve written many times before, Panama is fastly growing as a tourist destination spot. Check out the Panama Investors blog for more proof of this.
The Tourism Authority of Panama (ATP) will start 2011 with a budget of $48.4 million, a slight increase compared to 2010′s $47.7 million.
2011′s budget has been allocated with $31.1 million for investments (64%) and the remaining $17.3 million (36%) for operation. These numbers indicated that $10 million will pay for the advertising campaign developed by BB&M which should be submitted in the coming weeks.
It’s also important to note that the capital budget included $4 million to promote Panama as a destination for entertainment with a capacity to mobilize people from other countries.
Panama has already seen an increase of hotel occupancy in the first 4 months of 2010 compared to the first months of 2009. The overall occupancy rate for 2010 is 66%, and the average amount of days spent in Panama per visitor was three. This average is a 4.5% increase from the rates in 2009.
|Occupancy Percent from 2009-2010
There are about 10,000 new hotel rooms so if people are interested in seeing a beautiful city, with amazing food and culture and easy access to the beaches and mountains come visit Panama!