Palma.Palma City Council has decided to try and sell off the convention centre and hotel in a bid to also off load the 70 million euro debt the uncompleted construction has run up.
Work on the complex was halted over a year ago with the council unable to keep up with the payments and despite desperate attempts to interest local and international companies in the concession to manage the convection centre and adjacent five star hotel, the council has failed.
According to the Councillor for Urban Development, Jesus Valls, another 12 months work is need to compete the convention centre and around six months to finish the hotel.
However, there is no money for the council to complete the project which has become an eyesore.
The Council of Majorca, which is responsible for the planning laws has agreed to amend the development's classification so that it can be sold as two separate entities.
When the former Socialist city council and government gave the green light for the project, a number of foreign multinational hotel chains expressed interest in the management contract, but they were turned down because the left-wing coalition government wanted a local or at least Spanish company to take over.
That moved failed and the current PP council has been lumbered with the nightmare project since it came to office with no one interest in financing the project.
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