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Latin America Investment News on Viva Tropical

Panama’s $130 Million Atlapa Convention Center Too Expensive to Sell

Article Summary:

The Atlapa convention center is valued at $130 million, an amount that is difficult for future buyers to pay as well as the fact that the center has continually operated at a loss, making it even more difficult to sell, say government officials.

Photo Credit: Prensa

Original Article Text From Prensa via Google Translate :

Atlapa Would be Worth $ 130 Million, According to Appraisal

The administrator of the Tourism Authority of Panama (ATP), Solomon Shamah, said yesterday that the appraisal conducted by the Ministry of Economy and Finance on the Convention Center Atlapa yielded a value over $ 130 million.

Shamah said, however, lack the appraisal of the Comptroller General of the Republic.

With that price provides a real estate development for the area. “Nobody is going to pay $ 100 million or more to maintain a convention center. That makes the state, because it generates activity, but the center gives losses, “said Shamah.

The government decided not to sell Atlapa have two convention centers, as it plans to build a new center in the Amador Causeway.

“Nothing we do with two properties,” said Shamah. At some point toyed with the idea of ​​taking money from the sale of Atlapa to finance the construction of the new center, but eventually the government decided not to link operations. The new convention center will be funded from the scheme “turnkey”.

To make the sale of the old amphitheater, the Government shall indemnify the family Berrocal, that is akin to President Ricardo Martinelli. The family for years claimed compensation for the expropriation in 1975 of balloons of land where he built Atlapa.

Asked about the outcome of the appraisal, the developer Ivan Carlucci said that price corresponds to the market today, but, taking into account the size, the land will be few developers willing to buy it.

The employer suggested the Government to develop a master plan for the area and feels the guidelines for a promoter or a group to develop under those parameters.

“It would be a risky purchase, lots and then subdivide each promoter construct in its own way,” he said.

APPROVING THE STATEMENT OF NEW CENTER
Shamah participated yesterday in the act of approval of the SO’s new convention center involving some 30 national and international companies.

Among them were Norberto Odebrecht, Corcione & Associates, Constructora Urbana SA, Riva, Acciona Infrastructures, International Conconcreto, MCM Global, FCC Construction, Construction and ICA San Jose, among others.

The companies requested more time and a lowering certain requirements such as bail (which was 80%) and bank.

Shamah said he would meet with the technical team to assess ATP requests, but hinted that another will extend the deadline for submission of proposals, originally scheduled for 29 May.

The reference price for the bidding is secret, but deck the project will require an investment of $ 100 million.

TOURIST FIGURES TO MARCH
395 000
Tourists visited the country in the first three months of the year, 3.6% more than during the first quarter of 2011.

$ 393.9
Million spent by tourists in Panama between January and March, 20.9% more than in 2011.

Link to Original Article:

From Prensa

Latin America Investment News on Viva Tropical