Publish in Special Reports - Wednesday, August 28, 2013
The Waldorf Astoria, which has long been among the most expensive hotels in New York City, has rooms near Panama City's stretch of night clubs starting at $179 a night. (Photo: Hilton)
The Trump Ocean Club, Latin America's tallest hotel and apartment complex, has become a Panama landmark. (Photo: Trump Ocean Club)
Hotel supply outpaces demand, while the market for residencies and office buildings are faring better.
BY ERIC SABO
PANAMA CITY -- A record number of tourists in Panama has not been enough to fill the dizzying amount of new hotels being built, which outpace even Brazil as the region's biggest economy gears up for the World Cup and Olympics.
Panama will have the largest hotel growth in Latin America at 39 percent if all 4,700 rooms are completed as planned this year, compared to 10 percent growth for Brazil, according to data compiled by STR Global.
The boom is centered in Panama City and comes on top of the recently opened Trump Ocean Club, Latin America's tallest hotel and apartment complex at 70 stories. The equally massive Hard Rock Hotel, with ...
Keywords: CBRE Group, Hyatt, Marriott, Newland International Properties Corp, Panama Equity, Starwood Hotels & Resorts