6/1/2009

Mardan just a first step in investments

Hurriyet Daily News - Russian businessmen’s new destination for investments is Turkey’s southern city of Antalya. Realizing what a popular vacation destination Antalya has become for Russian citizens, many Russian companies have begun to invest in hotel construction in the area. Russian companies’ hotel investments in Turkey, which includes the Mardan Hotel, are worth USD 2.5 billion. The Mardan Palace Hotel, a five-star luxury hotel built by Russian businessman Telman Ismailov, was opened with majestic celebrations attended by many famous names, such as Sharon Stone, Richard Gere, Monica Belucci, Paris Hilton, and singers such as Seal, Tom Jones and Mariah Carey. The hotel alone is worth USD 1.4 billion. According to the Turkish Tourism Investors Association, Russian company Mirax also paid USD 450 million to buy out Sungate Port Royal. KAF Hotel International bought Crown Plaza in Antalya, while Intourist purchased Justiniano Side hotel, which also has five stars. Permission for the construction of the Russian self-made billionaire Mikhail Prokhorov’s hotel has also been granted. Prokhorov is expected to build a seven-star hotel in the Cesme district of the Aegean city of Izmir.