Hotel construction boom gets shakedown

The long list of new hotels destined for construction in Panama may have suddenly shrunk.

Eleven   announced failed to start on  time and have been dis qualified from promised tax breaks because they did not meet deadlines imposed by the Tourism Authority. The government offered significant tax breaks to boost the number of hotel rooms There was an  initial flurry of activity but  construction of new facilities shrank dramatically in the wake of the 2008 financial crisis and many sites touted a new hotel locations remain vacant, and signs promoting the development have diasppeared.

 According to the Bureau of Tourist Developments and Investments, several of the investors voluntarily renounced the tax breaks, while others were informed that they no longer qualify for the program.

The Tourism Authority, says La Prensa is considering relaunching the program, with more stringent requirements including setting stricter  completion deadlines.