Turkey is a big hotel development hotspot, but can it continue?
One of the big reasons for Turkey’s latest unrest is willy-nilly, unregulated development in Istanbul and other cities. Would hotels be effected if the unrest spread?
Excerpt from HotelNewsNow
Turkey has become a hotel development hot spot…According to STR Global, 58 hotels with 9,471 rooms are in the development pipeline in Turkey, nearly half of which (27 hotels with 5,447 rooms) are under development in Istanbul.
Marriott has nine hotels in Turkey with two more set to open this year. Wyndham opened its first hotel in the country in 2007 and now has 18 hotels—all but two are Ramadas—with 2,700 rooms.
“Local investors fund 95% of the (new hotel) projects…Turkey produces and exports a lot of textiles, and those people and companies in that business have made a lot of money and they’re investing it in tourism and the building of hotels.”