Panama hotel occupancy has plunged to an all-time low of less than 39 %  from a high point of over 68% 10 years ago when optimists in the travel industry thought the country was on its way to becoming a world-class destination and investors rushed to overbuild new hostelries.

Due to the lack of promotion between 2012 and 2016, the numbers of the sector plummeted, and last year the occupation ended at 41% leading to the loss of thousands of jobs in the hotel and restaurant sector.

For visitors, it is the best of times as hotel rates room rates continue to fall.

La Prensa reports that January will close with an occupancy of 39% in hotels in the capital city, numbers that have not been seen since 2004.

Armando Rodríguez, president of the Panama Hotel Association (Apatel) said that "we are reaping what we sow", referring to the lack of promotion of recent years.

The downturn has led to the loss of over 6,000 jobs in the hotel and restaurant sector and has sparked an increase in sub-letting of apartments, although in theory rentals must be for a minimum of  45 days.