No Buyer for Convention Center

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

Tuesday, September 17, 2013

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.

In the third auction, the reference price for the land corresponds to two-thirds of the initial price, in other words, $82.2 million. The new auction could take place in early October.

Prensa.com reports: "If the auction is unsuccessful again, the rules state that the State can make direct sale for 50% of the property value, which in this case would be $61 million."

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More on this topic

Panama: Atlapa Convention Center Has No Clear Future

February 2014

Although it can now be bought for half of its value, there is no interest in acquiring the Atlapa convention center.

Three months ago the third attempt to auction the Atlapa convention center was held and although the law states that after three attempts to auction the property it can be sold for half its value, no person or company has expressed interest in acquiring it.

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.

New Auction Date for ATLAPA

August 2013

The Panama Tourism Authority has set the date of August 30 for the second attempted sale to the highest bidder of the Panamanian Convention Center.

For this second act the reference price will be kept at $124 million and if there is no sale a third opportunity will be established.

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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