May 26 2008
Panama City Beach, Florida Needs More Hotels
What was once known as the “Redneck Riviera” has been transformed into the “Spring Break Capital of the World.” Panama City Beach receives increasing fluctuations of young party goers, “snowbirds” hiding from the Northern Winter, and vacationing families every year, and with the development of a brand new, expanded airport and other attractions there is a real need for further Hotels in this growing market.
The new airport is forecasted to bring in nearly half a billion dollars to this bay area as well as an additional 500,000 visitors per year. The current hotel infrastructure cannot support this vast increase in visitors and opens up the field to some new brand name hotels to expand into this fast growing enclave.
In addition to new airport is the $1.1 billion Pier Port attraction.
Pier Park is 1.1-million-square-foot, open-air regional lifestyle center with retail, restaurants, and entertainment on approximately 112 acres of prime gulf-view property. Phase I opened in February of 2008 and contains nationally recognized chain stores and restaurants. Pier Park is expected to generate approximately $500 million in annual sales8 and add almost 5,000 jobs9 to the local economy. Still under development, Pier Park will be a key attraction to Panama City Beach and a consistent source of demand throughout the year.
The recent pinch in the US economy has not seemed to phase this robustly growing city in the South East of the country.
