Invest News DetailSabah - The UAE’s Jumeirah Group, the largest luxury hotel company of the Middle East, has signed a deal to run Pera Palas in Istanbul’s Beyoglu district. Beginning in 2012, the oldest luxury hotel in Istanbul will be managed by the Jumeirah, known for its 7-star Burj Al Arab hotel in Dubai. Over a century old, Pera Palas saw extensive renovation by its owner Demsa, under the Sabanci Group. The financial details of the deal have not been disclosed. The Jumeirah Group, belonging to the Dubai government, owns or runs hotel and property projects all over the world. The group has also submitted a bid to run another projected hotel to be built as part of a residence and shopping mall complex in Eyup, Istanbul.