1/7/2011

Luxury hotel chains head to Istanbul

Dunya - Touted as the “Best Destination of 2010” in many international publications, Istanbul has become a magnet of tourism investments in the past year. Also known as the financial capital of Turkey, the city’s cultural and historical attractions have lured over USD 200 million of lodging investments comprising some 20 new hotels with over 2,500 bed capacity.

85 hotels are currently under construction in the city, luxury brands like Le Meridien, Wyndam and Mandarin among them, thanks to booming tourism and rising visitor numbers.

Occupancy rates of hotels in Istanbul averaged at 75 percent with accommodation costs matching European cities. The city’s popularity has been on the rise with the new shopping malls, European Capital of Culture of 2010 nomination, visa-free travel with neighboring countries and Turkish TV-series that are popular in the Middle East.
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turkey; istanbul; tourism sector; hotel investment; financial capital; capital of culture; le meridien; wyndam; mandarin