FTI’s Hotels in Turkey Declared Concordat

The Turkish hotel management company MP Hotels, associated with the bankrupt German tour operator FTI, has declared concordat. After the bankruptcy filing of the German tour operator FTI, MP Hotel Management Tourism Construction Investment Inc. (MP Hotel), their hotel management company in Turkey, had issued a statement asserting that they were unaffected by the bankruptcy and would continue their operations as usual.

However, a new development occurred concerning MP Hotels. It was learned that MP Hotels, operating 11 hotels in Turkey, two of which they own, had declared concordat.

In a statement to the Public Disclosure Platform by Marmaris Altınyunus Touristic Facilities Inc., the owner of the Mares Hotel managed by MP Hotels, the following was noted:

“In an email sent to our company by MP Hotel Management Tourism Construction Investment Inc. (‘MP Hotel’), which operates as a tenant in the Mares Hotel under the Lease Agreement dated 17.10.2016, it was stated that a concordat request had been filed, and pursuant to this request, the ANTALYA 3rd COMMERCIAL COURT OF FIRST INSTANCE granted a temporary respite decision for 3 months starting from 13.06.2024, under case number 2024/441 E. Currently, our tenant MP Hotel continues its operations at the Mares Hotel, and the rent has been collected in advance under the lease agreement. Our company will intervene in the lawsuit as per the lease agreement. All rights of our company under the agreement will be assessed, and developments regarding this matter will be shared with our investors.”