ARTICLES

second place in the world in hotel occupancy on the Deloitte Global Ranking Index, with 84.7% occupancy. The same year, the country also saw nearly 38% RevPAR growth�??the best in Central or South America.

For 2008, international branded properties in Panama City performed at about 78% occupancy and an average daily rate of near US$175 per night, according to Rogerio Basso, a hospitality analyst with Ernst & Young in Miami.

Other Development Markets

Most of the new rooms under development outside Panama City are in the Farallon or Playa Blanca area, which the ATP's Nordström calls the “Panamanian Riviera.�? He says this stretch of land about 120 km (75 miles) from the city on Panama's Pacific coast is one of the areas that holds the most potential for investors and developers.

Projects already under construction there include the Playa Blanca Beach Resort, Spa & Residences; the 126-room Bristol Buenaventura and villas (opening this month); the 220-room Nikki Beach Resort & Residences Playa Blanca (set for a late summer opening); and SuperClubs' 330-room all-inclusive Breezes Playa Blanca.