6/4/2013

‘Investment grade’ to bring more hoteliers to Turkey

Star – Turkey’s economic accomplishments crowned by a series of ‘investment grade’ ratings by various agencies are expected to bring a new wave of investments from global hotel chains into the country.


Existing hotel chains in the country, including Wyndham Hotel Group, Hilton Worldwide and Accor Hotels, have announced new facilities in Turkey over the past week at the Turkey & Neighbors Hotel Investment Conference (CATHIC) held in Istanbul, while new hospitality companies are eyeing Turkey for investments, industry experts say.


Present in Turkey with the Ramada brand, Wyndham plans to launch the Super 8 brand in the country with the opening of 20 new hotels. “It is a very exciting to introduce the Super 8 hotels in Turkey, known for their comfortable, quality accommodation at affordable prices for business travelers.” Wyndham Hotel Group President Eric Danziger said about the hotels to be opened in the country over the next 10 years.
The Accor Group from France, currently operating 10 Novotel and Ibis hotels in the country, will open 50 new facilities.


Hilton Worldwide, the first of the international hotel chains to have invested in Turkey back in 1955 with the Istanbul Hilton, plans to expand its expand its presence in the country by adding 3 new hotels to the existing 24 throughout Turkey. “The recent rating upgrades are important contributors to Turkey’s tourism potential. We are extremely optimistic in this regard.”, Hilton Worldwide Senior Vice President of development in Europe and Africa, Patrick Fitzgibbon said.


Touristic Hotels & Investors Association (TUROB) President Timur Bayindir, commenting about new investments by global hoteliers in Turkey, said that new hotel chains, in addition to existing ones, were on their way to Turkey. “Large customer bases of well-known hotel chains are helpful in increasing foreign arrivals to Turkey and significantly contributing to the country’s touristic appeal.”, he noted.


Last month, Turkey received ‘investment grade’ ratings from three rating agencies; Moody’s Investors Service, Japan Credit Rating Agency and Canada’s international credit ratings agency, Dominion Bond Rating Service. Another rating agency, Fitch, had given the same rating to the country late last year.

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