Panama hotel room rates plummet

The Tourism Authority of Panama has revealed that the occupancy rate of hotels in the first eight months of the year was 47.8 percent, an unhealthy situation for the industry and 10.8 percentage points lower than that reported during the same period of 2015.

In the capital city there are more than 18,000 hotel rooms, of which some 5,000 were built between 2009 and 2013. The increase in rooms combined with a decrease in visitors has led to the higher vacancy rates.

Source: Newsroom Panama