The Luxury Hotel Market in Turkey Flourishes
In the last few years, Turkey has become a focal point for several international luxury hotel brands due to its growing tourism potential over tha last 10 years. The luxury hotel brands that have partnered with local investors and have entered the Turkish Market include Viceroy, Mandar in Oriental Group, Raffles Jumeriah, The Edition, Shangri-La Hotels,Le-Meridieb, Mondrian, The Adress, Aman Resorts, Rolana Group and Missoni Hotel. Other international luxury hotel operators, such as Westin and Oetker Hotel collection, also have plans to enter the Turkish Market.
Luxury hotel brands prefer Istanbul for their city hotel projects and Bodrum for resort properties.
Timur Holding Company with their Nef Bebeköy project is restoring and converting the old French Orphanage located on the hills of Bebek in Istanbul. Upon completion, the hotel will have 58 rooms and will be operated by Viceroy for 20 years. Viceroy Hotel Bodrum, which is being developed by the Safir Group at Koyunbaba Bay, will be the first property in Turkey operated by the U.S. based Viceroy. The Viceroy Hotel Bodrum will offer 28 rooms, 56 condominiums and 160 residences. The construction is expected to be completed in 2014.
Astaş Holding recently purchased a land area of 15,000 sqm in Kuruçeşme on the European shore of the Bosphorus Strait. The company signed an agreement with Mandarin Oriental to build a hotel but has not yet disclosed the detail of this project, which is planned to be launche in this year and completed within 4 years.
Raffles of Singapore will also open a property in Turkey. Raffles has
signed an agreement with Zorlu Holding to operate the hotel, which is
currently under construction in Zincirlikuyu. This 180-room developement will be a component of the Zorlu Center mixed-use project.
Le Meridien Istanbul Etiler is the first hotel opened by Le Meridien in Turkey. The hotel, which has 259 rooms, was constructed by Makyol and was opened in May 2012. Le Meridien will operate the hotel for 32 years according to its agreement with Makyol
The Demsa Group purchased Pera Palace Hotel, which was originally built in 1895, and signed an operating agreement with Jumeriah in 2012. Pera Palace, which has 115 rooms including 16 suites, was the first hotel investment of Jumeriah of Dubai in Turkey.
Aman Resorts’ first hotel to operate in Turkey is located in Torba on the Bodrum Peninsula. Amanruya Hotel, with 36 rooms, was developed jointly by a number of local investors and was opened in 2011.
Another international brand that has selected Bodrum for investment is the Four Seasons Hotel Group. The hotel, being developed by Astay on a land area of 1 million sqm in Yalıçiftlik, is planned to include 175 rooms and 150 residences. The hotel is expected to be completed in 2014.