Palma’s Convention Centre bidding stalled

The bidding for the lease and sale of Palma’s Convention Centre and Hotel has once again stalled, City Council officials announced yesterday.

Palma.—Porto Cristo-based company European Invest Holding, submitted a formal bid before the deadline period but failed to provide financial guarantees to assure the convention committee they had the ability to avoid financial and technical solvency.
The group, which apparently  received the backing of American multinational giant Hilton Group to run the centre, had three days to resolve the situation before progressing to phase two of the bidding process, but could not make the necessary amendments in time to follow through to making  the desired 40.5 million euro offer for the centre.