Thanks all... Actually I was hoping to get it as an exchange but from what you all said it seems hard to do so. Do you know of any other good resort in Panama City that I may search for an exchange?
There is a brand new Wyndham PC Beach resort that looks really nice. It is a huge resort and located directly on the ocean. I am sure it is a hard trade to get too.
I also own at Landmark Holiday Beach resort which is a very nice, albeit older, resort. Every room has a private ocean front balcony with fantastic views. The rooms are large with washer/dryers. The pool is oceanfront and indoor which is nice to get out of the sun. I see these trades for the spring and fall fairly regularly, but not for summer weeks. If you don't have to worry about school schedules, September and early October is usually great weather although hurricanes can ruin your trip.
I have visited a friend at Marriott's Legends Edge, and the rooms are very nice, but it is located a long drive from the ocean. I personally don't want to go to the beach unless I can sit on my balcony listening to the waves as I have a nightcap while watching the sunset. This would not be a choice I would make because of it's location.
Ocean Towers Beach Club is ocean front and has received mixed reviews. I have never set foot into a room at this resort, but I have been to the lobby and pool and it seemed like it might possibly be OK, but it might also be a bad choice.
Casa Blanca is ocean front but the rooms aren't ocean front. It is an old converted motel so very small rooms.
There are a couple of others, but I would choose Wyndham first, Escapes second, and Landmark 3rd. If you get any one of those locations you will have a great week.
Read reviews on the PC Beach resorts which weren't in my top 3 and make up your own mind as to whether you would want to stay at them if one of them becomes available.