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By: Staff at Panama Offshore Legal Services
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Panama is focused on increasing tourism to its Caribbean coast in 2014. This part of the country remains undeveloped in comparison to the Pacific Ocean side, but three new hotels are planned for the province of Colón. The Decameron Hotel chain is building one of them in Santa Isabel, the same location where another is planned. The third will be built on a lot that looks out to Isla Grande.
The reason why this part of Panama has remained undeveloped is due to poor infrastructure and lack of connection with more popular parts of the country. However, a new 26 kilometer road connecting Cuango with Santa Isabel is bringing changes to the area.
The Panama Tourism Authority (ATP) predicts Panama will receive 2.3 million tourists this year. In support of this increase in tourism, 16,000 new hotel rooms in Panama City and 14,000 more in the rest of the country are expected to be completed by the end of the year.
As a result of the new hotel developments, Panama’s interior, like Colón, is experiencing massive change. As of May, 22 permits were granted for new hotels in the interior totaling $7.1 million USD. Nine of those developments are located in Chiriquí, three in Los Santos, two in Herrera, and one in Coclé.
The construction of new hotels in the interior represents a move away from development in Panama City where, in the last six years, 90% of all the new hotels in the country were built, including 25 in 2013.
The increase in new hotels signals investment opportunities in new businesses that cater to the rising number of tourists. Contact a Panamanian law firm specializing in real estate and tax incentives to learn about where these opportunities can be found.