Stop saving points. Start taking trips. In my 100,000 Points: Weekend Edition series, I explore how I’d use roughly 100,000 transferable points toward flights and hotels for a four-day international getaway. I’ll share how I’d get there, where I’d stay, and how I’d spend my time—comparing points with cash along the way. The goal isn’t to use points for everything. It’s to make the trip happen.

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Introducing Panama City

At just a two- to four-hour flight from much of the East Coast, Panama City is one of the easiest international destinations to turn into a long weekend. Even from the West Coast, nonstop flights are available from cities like San Francisco and Los Angeles.

Once you arrive, getting around is easy. Uber was inexpensive throughout our stay, and even if you stay in Casco Viejo, you’ll likely use it to reach attractions like the Miraflores Locks and Amador Causeway.

Three nights is enough to experience the city’s highlights without trying to see all of Panama. You’ll have time to explore Casco Viejo, visit the Panama Canal, enjoy the waterfront, take a sunset cruise, and still leave room for a slower meal or relaxed morning.

That’s part of the appeal.

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Getting There

Panama City is one of the easiest international destinations to reach with points. Several airline programs offer nonstop flights from cities across the United States, making it an excellent option for a long weekend or a four-day getaway.

Air Canada Aeroplan

Transfer Partners: Amex, Bilt, Capital One, Chase, Rove

Most Aeroplan awards to Panama City are operated by Copa Airlines, Panama’s flag carrier. Because Copa’s primary hub is Panama City (PTY), the airline offers nonstop service from numerous U.S. cities, making it one of the easiest and most convenient ways to redeem points for Panama.

• Miami (MIA): 10,000 points + ~$90 (nonstop)
• Boston (BOS): 12,500 points (nonstop)
• Chicago (ORD): 12,500 points (nonstop)
• Denver (DEN): 12,500 points (nonstop)
• Newark (EWR): 12,500 points (nonstop)
• Washington, D.C. (IAD): 12,500 points (nonstop)
• San Francisco (SFO): 22,500 points + ~$81 (nonstop)
• Los Angeles (LAX): 22,500 points (nonstop—limited availability or one stop with better availability)

Miami remains one of my favorite sweet spots, but what really impressed me was how many nonstop options Aeroplan offers from around the country. If you’re flying from Los Angeles, expect to search a few different dates if a nonstop is important to you.

💰 Award Changes: Cancelling an Aeroplan Economy Standard award costs CA$150 per ticket online or CA$175 through the contact center. Economy Flex has lower cancellation fees, while Latitude awards have no cancellation fee. Check the fare conditions before transferring points.

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Air France-KLM Flying Blue

Transfer Partners: Amex, Bilt, Capital One, Chase, Citi, Rove

Flying Blue offers one of the best values for travelers departing New York.

• New York (JFK): 11,500 miles + ~$60 (nonstop)

Business Class

• New York (JFK): 23,000 miles + ~$60 (nonstop)

At just 23,000 miles, business class is certainly tempting. For a relatively short flight, though, I’d probably save the extra miles and book economy instead.

📅 Award Calendar: Atmos Rewards has a monthly award calendar, making it easy to search an entire month for the lowest-priced redemptions.

💰 Award Changes: International airline programs often charge award cancellation or change fees. Be sure to check the policy before transferring your points or booking.

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Atmos Rewards

Transfer Partners: Bilt

If you have Atmos points , Panama City is one of the program’s best redemption opportunities. During my searches, I consistently found American Airlines-operated nonstop flights from Miami (MIA) for just 7,500 points + about $26 one way.

Miami (MIA): 7,500 points + ~$26 (nonstop)

If you already have American Airlines AAdvantage miles, it’s also worth comparing award prices there since you’ll be flying on the same American Airlines flight. Award pricing often differs between loyalty programs, so checking both can help you find the best deal.

📅 Award Calendar: Flying Blue has a monthly award calendar, making it easy to search an entire month for the lowest-priced redemptions.

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United MileagePlus

Transfer Partners: Bilt, Chase

United provides another straightforward nonstop option to Panama City from Houston.

• Houston (IAH): 22,000 miles + ~$15 (nonstop)

While United requires more miles than Aeroplan, the taxes are noticeably lower. It’s another program worth comparing before transferring your points.

📅 Award Calendar: United’s flexible-date calendar lets you compare award prices across a month. Click through to confirm the flights, cabin, and final mileage price before transferring points.

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Before You Transfer Your Points

• Transfers are one-way. Once you transfer points from your credit card rewards account to an airline or hotel loyalty program, they can’t be transferred back. Double-check award availability before clicking “Transfer.”
• Review the cancellation policy before booking. Many international airline programs charge a fee to cancel an award ticket and redeposit your miles, and those fees are typically charged per traveler, not per reservation. For example, Flying Blue charges approximately €70 per ticket, while Aeroplan’s cancellation fees vary depending on the fare option selected.

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Where to Stay

For a first visit, I’d choose between two parts of Panama City: the historic streets of Casco Viejo or the modern city center. There is also one very different option if you would rather turn the weekend into an all-inclusive resort stay.

Hyatt now uses off-peak, standard, and peak award pricing, so the points rates below are examples from the dates I searched and may vary.

World of Hyatt transfers from: Bilt (1:1) • Chase (4:3)

Casco Viejo

Stay here if you want to walk to restaurants, rooftop bars, cafés, plazas, and many of Panama City’s historic landmarks. Casco Viejo is one of the most atmospheric parts of the city and a great choice if you want to step outside your hotel and immediately have somewhere to explore. It’s especially appealing for a shorter stay when you want dining, nightlife, and sightseeing concentrated in one area. Hotels here can be more expensive than in other parts of Panama City, but you’re paying for the location and experience.

Hotel La Compañía Casco Antiguo

Bookable with: Hyatt Points • Cash • Travel Portal Points

Typical points rate: 20,000 Hyatt points/night (Category 5)

Typical cash rate: ~$315/night

If the hotel itself is part of the experience, this would be my pick in Panama City. Hotel La Compañía combines a luxury stay with one of the best locations in Casco Viejo, surrounded by the neighborhood’s restaurants, rooftop bars, plazas, and historic streets. The property itself is spread across beautifully restored historic buildings and includes multiple restaurants, bars, courtyards, and a rooftop pool. Cash rates can be steep, but at 20,000 Hyatt points per night, it could be an especially appealing use of points for a shorter stay.

Explore Hotel La Compañía and check current rates →

Central Hotel Panama Casco Viejo

Bookable with: Cash • Travel Portal Points

Typical cash rate: ~$183/night

If my goal were simply to maximize my time exploring Casco Viejo, this is probably where I’d book. Central Hotel Panama sits directly on Plaza de la Independencia, putting you right in the middle of the historic district and within an easy walk of restaurants, cafés, and major sights. You still get an upscale hotel with a rooftop pool and plenty of character, but at a considerably lower price than some of Casco Viejo’s luxury options. It strikes a nice balance between location, experience, and cost, especially if you want to stay in the heart of Casco Viejo without necessarily choosing one of its higher-end luxury hotels.

Explore Central Hotel Panama and check current rates →

Sofitel Legend Casco Viejo

Bookable with: Cash • Travel Portal Points

Typical cash rate: ~$266/night

The Sofitel is the luxury option I’d consider if I wanted a quieter setting without giving up easy access to Casco Viejo. It sits along the waterfront at the edge of the historic district, so you can still walk into the heart of the neighborhood while having a more peaceful place to return to. The hotel leans into the polished resort-like experience, with waterfront views, a large pool, and plenty of space to relax. I’d choose it over the other Casco Viejo options if the hotel experience and a little separation from the busiest streets were priorities.

Explore Sofitel Legend Casco Viejo and check current rates →

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Modern Panama City

This is where I stayed, and I’d happily book this part of the city again. You trade the historic atmosphere and walkability of Casco Viejo for a more modern part of Panama City, with high-rises, restaurants, and a wider range of hotels. I never felt like staying outside the historic district made sightseeing difficult. You’ll likely need a rideshare to reach places like the Panama Canal and Amador Causeway regardless of where you stay, so taking an inexpensive Uber into Casco Viejo when I wanted to explore never felt like much of a tradeoff. For me, the broader hotel selection and potential savings made the location work really well.

Hyatt Regency Panama City

Bookable with: Hyatt Points • Cash • Travel Portal Points

Typical points rate: 12,000 Hyatt points/night (Category 3)

Typical cash rate: ~$167/night

This is where I stayed, and I found it to be a really practical base for exploring Panama City. Although it’s outside Casco Viejo, I never found the location inconvenient, especially with inexpensive Ubers making it easy to get around. As a Category 3 Hyatt, it also gives you the option of using a relatively modest number of points while saving your larger balances for more expensive redemptions. I’d consider it again if I wanted a comfortable Hyatt stay without needing to be directly in the historic district.

Explore Hyatt Regency Panama City and check current rates →

The Executive Hotel

Bookable with: Cash • Travel Portal Points

Typical cash rate: ~$103/night

This is one of the more affordable options in the same general area as the Hyatt Regency, making it a good choice if keeping hotel costs down is the priority. You still get a central location, a comfortable hotel, and easy access to restaurants and inexpensive Ubers for exploring the city. It also has a pool and breakfast included, adding a little more value to the stay. I’d consider this one if I wanted to spend less on the hotel and leave more room in the budget for activities and meals.

Explore The Executive Hotel and check current rates →

AC Hotel Panama City

Bookable with: Cash • Travel Portal Points

Typical cash rate: ~$112/night

The AC Hotel is a good middle ground if you want a modern, recognizable hotel without moving into Casco Viejo’s higher price range. It’s in the same general part of the city as the Hyatt Regency, with restaurants nearby and easy Uber access for sightseeing. The rooftop pool is a nice bonus, especially if you want somewhere to relax between exploring. I’d consider this one if I wanted a comfortable Marriott option while keeping the overall hotel budget relatively modest.

Explore AC Hotel Panama City and check current rates →

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Wild Card: Dreams Playa Bonita Panama

Bookable with: Hyatt Points • Cash • Travel Portal Points

Typical points rate: 20,000 Hyatt points/night (Category 3 • All-inclusive)

Typical cash rate: ~$368/night

Approximately 30–40 minutes from PTY

I’d treat Dreams Playa Bonita as a completely different kind of Panama trip. This is the option I’d consider if I wanted an all-inclusive resort stay with pools, beach time, meals, and drinks built into the experience while still being relatively close to Panama City. You could venture into the city for a day, but I wouldn’t choose this resort and then spend every day commuting back and forth to Casco Viejo and other sights. I’d stay here when the resort itself is the destination and make the most of what I’m paying—or using points—for.

Explore Dreams Playa Bonita and check current rates →

Bottom line: Casco Viejo is the better fit if you value walkability and historic atmosphere. Modern Panama City offers strong value and easy transportation, while Dreams Playa Bonita works best as a separate resort getaway.

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Before You Book Your Hotel

• Compare points and cash prices. A Hyatt award isn’t automatically the best deal. Always compare the nightly cash rate before transferring points.
• Use the right points for the job. If you have Bilt points, Hyatt is often an excellent value. If you’re using Capital One miles, booking through the travel portal may be the better option since you won’t need to transfer your miles.

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Your 4-Day Itinerary

This itinerary is designed for a long weekend. You’ll see Panama City’s highlights without feeling like you’re rushing from one attraction to the next, leaving enough flexibility to enjoy the city at your own pace.

Day 1: Casco Viejo

After checking into your hotel, make your way to Casco Viejo.

Spend the afternoon wandering the colorful streets, visiting the plazas, browsing local shops, and getting your bearings before joining an evening walking tour. It’s one of the best ways to understand Panama City’s history while seeing landmarks like Plaza de Francia, Iglesia San José, and the old city walls.

Finish the evening with dinner or rooftop drinks overlooking the skyline.

Travel Breakdown Tip: I loved the rooftop views, but next time I’d save my main meal for another restaurant and just stop by for a drink or appetizer.

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Day 2: Panama Canal & Amador Causeway

Start the morning at the Miraflores Locks.

If seeing ships pass through the canal is important to you, check the daily transit schedule before leaving your hotel. Even if the timing doesn’t line up perfectly, the visitor center does an excellent job explaining how the canal transformed global trade.

Afterward, head to the Amador Causeway.

Rent a bike, stroll along the waterfront, or simply enjoy the skyline views before grabbing lunch at the nearby seafood market.

Travel Breakdown Tip: The covered pedal bikes were far more fun (and harder to steer) than we expected.

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Day 3: Modern Panama City

By now you’ve seen Panama City’s biggest sights, so today is about enjoying the city instead of checking attractions off a list.

Whether that’s exploring another neighborhood, walking along the waterfront, visiting a museum, or simply enjoying a relaxed morning at your hotel, this is your chance to experience a different side of Panama City.

I’d also use the day to enjoy more of the city’s food scene. Panama City has quietly become one of the best culinary destinations in Central America, with everything from traditional Panamanian restaurants to creative fine dining. One of my favorite meals was at Cantina del Tigre, where modern takes on Panamanian cuisine showed why the city’s restaurant scene deserves more attention. The restaurant has earned recognition among Latin America’s best for its creative approach to traditional Panamanian flavors.

In the evening, book a sunset catamaran cruise.

It ended up being one of my favorite experiences of the trip and is something I’d include again without hesitation.

Travel Breakdown Tip: Leave earlier than you think for the sunset cruise. Panama City’s rush-hour traffic is real.

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Day 4: Fly Home

Enjoy one final breakfast before heading to the airport. If your flight leaves later in the day, you might have time to revisit Casco Viejo or stop for one last meal. Just leave enough time for the drive and airport formalities.

Four days gives you a taste of Panama City without trying to see the entire country. If you leave with a few favorite places and ideas for a return trip, I’d call that a weekend well spent.

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How I’d Book This Trip

For Panama City, I’d start by comparing a flight from Philadelphia with the 12,500-point Aeroplan nonstop from Newark I found. For a four-day trip, the time and cost of reaching another airport would matter just as much as the mileage savings.

For the hotel, I’d happily consider the Hyatt Regency again. It worked well during my visit, and inexpensive Ubers made staying outside Casco Viejo feel like a reasonable tradeoff.

Assuming matching flight availability and the hotel rate I found, that combination would be:

• Round-trip flights from Newark: 25,000 Aeroplan points
• Three nights at Hyatt Regency Panama City: 36,000 World of Hyatt points
• Combined award total: 61,000 airline and hotel points, plus flight taxes, fees, and transportation to Newark

That would require 61,000 transferable points only if both transfers were at 1:1. I’d calculate the actual credit card points needed before transferring, especially when comparing different rewards currencies.

But I wouldn’t automatically redeem for the hotel. With the Hyatt’s cash rate around $167 per night when I searched, I’d compare paying cash and keeping my points for a more expensive stay.

If I wanted the hotel to be a bigger part of the experience, Hotel La Compañía would be my splurge alternative. Three nights at the 20,000-point rate I found, paired with those flights, would total 85,000 airline and hotel points, before accounting for transfer ratios.

That’s what appeals to me about Panama City: I could return to a practical base I already enjoyed or spend more for a historic stay in Casco Viejo. Either way, I’d leave room for the parts of the trip I remember most—the food, exploring the city, and another sunset cruise.