As per the Deed of Gift of the America's Cup the yacht club that holds the Cup is the one that chooses the location for the next challenge to take place. "Alinghi", the syndicate representing the Société Nautique de Genève, the winners of the thirty-first edition, are based in Switzerland which is a landlocked country, so "Alinghi" put the hosting rights out to a competitive bid process. During a preliminary selection the bids of Barcelona, Palma de Mallorca, Porto Cervo and Elba were eliminated. The four finalists were Cascais (near Lisbon), Marseille, Naples (ITA) and Valencia. On November 27, 2003 it was announced that the venue would be Valencia, Spain. A new building, "Veles e Vents" designed by David Chipperfield, was built in the harbour of Valencia to house the central base for all the America's Cup teams.