Panama: Sale of Atlapa suspended

The decision of whether to sell the event center after three failed attempts to auction it will be left to the incoming government.

Wednesday, May 28, 2014

According to Law 22 on public procurement, after three attempts at an auction the state should proceed to selling the property for $62 million, ie 50% of the original sales price. However, it will be the government of Juan Carlos Varela which will assess and decide whether to continue with the sale process or follow suggestions from the business community about the value that the state could find in this piece of infrastructure in the promotion of trade and culture.

"Solomon Shamah, administrator of the ATP, said that they are not looking for buyers for the building or the 55 thousand square meters on which the convention center is built.

"This year it is estimated that Atlapa will generate revenues $1.9 million, while the operating cost for the structure, which is 35 years old, is over 2.5 million. If Atlapa is not sold, the state will have two amphitheatres, taking into account the one that is currently under construction in Amador. "

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.

Latest Failure of Convention Center Auction

November 2013

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.

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.

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 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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