According to the ATP (Autoridad de Turismo de Panama), the number of beds in construction from 2011 to 2015 will approximately top 20,000 additional rooms to the existing 10,000 allowing the business meetings and conventions whole-sellers use Panama City as a real hub for the Americas in combination with the large investment on upgrading the Copa Airlines flying fleet.
This forecast is ready available at www.atp.com.pa in consequence any new construction, reform or conversion from an existing business will have an increase market exposure to piggy bag on the national government advertisement to up sell the destination. We understand that we do not need to invest on global marketing but into customer attraction to our Lodges.
We conducted a competitors analysis based in Panama City, we seek hotels under 50 rooms with a room rate under $100.00 and inspected their facilities as well as their rooms lay outs, to ensure we understand the market offering. We encounter many obsolete equipment and poor cleaning of rooms and public areas, with low customer acceptance.
Another regarding B&B's under 16 rooms with a room rate average under $80.00 and inspected their facilities as well as their rooms lay outs, bathrooms, and buffet breakfast. We encounter family services, average cleaning with low frequency of linen changes, repeated buffet breakfasts across several B&B's, low attention to details for the customers, small sized rooms, basic decorations, and above all bad employee moral and services towards customers.
Finally we studied the customer profile visiting Panama City for over 4 days, business profile, tourism profile, and shopping profile with an expenditure per day per visitor, which allowed us to understand which market positioning we will target to ensure good expended dollars towards lodging combination with city tours, restaurant tours, and interior of the country key destinations to ensure quality services to our final customers.
With this customer profile we decided to seek a colonial house, located in the Cangrejo Area, (much alike to Playa del Carmen in Mexico, or Punta Cana in Dominican Republic) to imitate our experienced results with look alike properties with no chain affiliation but at the same time, being able to build a themed hotel boutique hotel with a fast occupancy ration and a good revenue per available room comparable to a hotel chain property of a 100 room size.