Latest Failure of Convention Center Auction

It has now been announced that ATLAPA will be sold directly in early 2014 for $62 million, equivalent to 50% of its total value, which is estimated at $124.5 million.

Wednesday, November 13, 2013

As established by the Public Procurement Act, after three failed attempts the 55,000 m² site of the convention center will be sold directly for half of its value.

Solomon Shamah, administrator of the Panama Tourism Authority (ATP) said that by the beginning of next year it may be up for sale.

More on this topic

Panama: New Attempt at Atlapa Sale

March 2014

Local businessmen are negotiating with the Tourism Authority the sale of the building, which the legislation states must be sold at $62 million, after the three previous auctions failed.

After the third and final attempt by the Tourism Authority to auction the Convention Center, which was unsuccessful, it must now be sold at half its value, $62 million.

Third Attempt to Auction ATLAPA

October 2013

With a base price of $82 million, on November 12 there will be another attempt to sell the 55,000 m² convention center.

The Ministry of Economy had set the value of the property at $124 million, however, the Public Procurement Act provides that after two failed attempts it may make a third call, but the reference price will correspond to two thirds of the original reference price, ie $82 million.

No Buyer for Convention Center

September 2013

The auction of the Atlapa convention center received no bids therefore a third attempt will be made with base price of $82 million.

No companies showed interest in the auction conducted by the Tourism Authority of Panama (ATP). It is estimated that the value of the land is $124.5 million.

No Offers for Atlapa Convention Center

August 2013

The auction of the 56 thousand square meters of land that houses the convention center received no bids, therefore a second call has been announced.

The Ministry of Economy and Finance (MEF) has estimated that the price of the property is around $123.3 million.

In the event that no bids are received on a second call, the property would be passed to the MEF to decide what to do next, said Solomon Shamah, administrator of the Panama Tourism Authority (ATP).

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