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Panama, Historic Real Estate


Hotel Garden Inn, Double Tree by Hilton, Hilton Panama and Embassy Suites by Hilton are the four new kids in town in Panama. According to the company, the projects will open between 2010 and 2011, number of rooms ranging from 170 (for Hotel Garden Inn, near Avenida Balboa) to 351 for Hilton Panamá, which will be located closer to Calle 50 and near the banking area.  Good news for the hotel industry, as according to Panama´s Comptroller Office, tourism grew 6.4% on 2009 first trimester, basically 27 thousand visitors more than the same period last year.  March registered, according to the Contraloría a growth of 12.7% (19,000 more tourists),  and they mention a total expense for the period of 378.7 million dollars (7.2% more over last year).

April and May might have had a different behaviour, partially because of the slowing of the economic activities world wide, but also because of the recent events regarding the swine flu. However, the Panamanian banking system has mentioned that fortunately, they feel confident that the system won´t be needing the credit incentive package the Panamanian government was offering as 64% of their credit is "in house" (local based) and they expect international lines of credit to be open soon.

More info? check out the articles at La Prensa