The new hotel rooms in the pipeline in Panama will be great for the job market.

According to research firm STR Global, Panama City won over other key markets in the region to take the top spot for most hotel rooms in the development pipeline: 4,589. According to the STR Global Pipeline report released this week, Panama City also reported the most rooms in construction: 2,777.

In the countries category, Brazil topped the index with over 7,000 rooms. Panama came in second. To put the news into perspective, Brazil is slightly smaller than the U.S., while Panama is about the size of North Carolina.

Panama City’s high-profile hotel projects include two new Hyatt-brand hotels, to be located in the international banking district and the upscale Costa del Este district. Hyatt may also build a third hotel in the former Panama Canal Zone and is considering areas outside Panama City.

Hilton Worldwide has confirmed that it will open five new hotels in Panama by 2013. The chain plans to kickoff its big return to Panama with a $23-million Doubletree by Hilton, slated to open this year. The 213-room inn will be located in downtown Panama City on Via España. The Panamera, Panama Hilton and Hilton Garden Inn Panama are slated for completion in 2011, while a Panama City Embassy Suites by Hilton will open its doors in 2013.

Panama City Hotels: High Occupancy Thanks to Convention Tourism

Riu Hotels & Resorts will inaugurate its first Panama City hotel this September. One of Spain’s largest hotel chains, Riu says the 645-room, 30-story hotel represents an investment of $123 million.

Located on 50th Street in downtown Panama City, the hotel will aim to serve corporate customers, particularly those in town for conventions. According to the Panama Hotel Association (APATEL), Panama’s new hotels (and a Panama City’s new Figali convention center) will allow the nation to further develop its “convention tourism” niche market.

Per APATEL, expos and conventions such as the annual trade show Expocomer are the tourism industry’s biggest moneymakers. Over 15,000 people visited Panama City’s Atlapa Convention Center for Expocomer 2010, which generated some $124 million in revenue.

In addition to the revenue from business transactions, the event generated over $25 million in tourism sales. According to the Panama Convention Bureau, more than 20 additional conventions result in another $25 million in revenue for Panama every year.

According to a recent article in Panama’s La Prensa, the hotel industry is injecting some $700 million into the economy this year alone—good news for anyone starting a business here (particularly in the tourism sector). Local sources say the surprising amount of hotel rooms under construction in Panama is a good thing for the economy and for the job market. Local trade organizations are busy training bilingual Panamanians to meet the growing demand for tourism employees.

Other hotel and resort chains to recently open in Panama include the Sheraton, Radisson, Marriot, Wyndham, Breezes, Holiday Inn, and Le Meridien.