12 more new hotel investment projects in Istanbul in last seven months

The upwards trend in hotel investments throughout Turkey is continuing. Istanbul normally considered to have a surplus of supply is observed to rank number one again in hotel investments throughout Turkey. Based on a research made by TÜROB (the Hotel Association of Turkey), three hotels in Istanbul received incentives from the state, in July. On the other hand the number of new projects in Istanbul in the last 7 months totaled up to 12. It was noteworthy to see that Antalya and Muğla deemed to be most favorable places for hotel investments did not find a place in the monthly list for new projects

Looking at the total figures, in July 2017, 12 new hotel project incentive certificates with 2 thousand 332 beds in 10 cities across the country were received and 2 hotels received renovation certificates.

After the new investments to be completed with a total expenditure of TL 157.4 million, 625 new additional jobs will be provided in the sector.

Last year in July, 6 hotels with a total bed capacity of 1,847 beds on 5 provinces had received incentives amounting to TL 153.9 million. In July, investments grew at a rate of 100 percent in the number of projects, while the amount of investment increased by 2.3 percent.

Investments continued to increase in the first 7 months covering January-July 2017. As the number of beds decreased compared to the first seven months of 2016, the increase in investment amounted to a certain extent. 113 hotels with a total bed capacity of 18 thousand 352 in 39 months in 7 months applied for incentive of 1 billion 838 million TL. In the same period of last year, a total of 100 hotels with 20 thousand 971 beds on 33 provinces had received incentives amounting to 1 billion 634 million TL. Accordingly, in the 7 months, the number of investments increased by 13 percent and the amount of investment increased by 12.5 percent.

When the investments are examined in July, it is observed that the tendency towards high-qualified 4 and 5 star hotels has increased.