7/23/2008

Seven foreign funds in pursuit of Amplio

Dunya – Amplio Real Estate, planning to construct 20 Hilton Garden Inn hotels in Turkey, raised its target to 40 hotels since they are content with the potential in Turkey. Alaeddin Babaoglu, the founder of Amplio said, “We saw that we will attain our target of 20 hotels in two years. We revised our five-year plan as 40 hotels and 1 billion dollars.” Mr. Babaoglu said that seven private equity funds, hearing about their investments, proposed to acquire their shares. Babaoglu added following: “The majority of these funds do not have operations in Turkey. They are USA and UK based funds. In the first stage, we will proceed with equity capital; but in the second state we might choose one of these funds. We still hold negotiations.”

ENGLISH