Turkey’s luxury hotel to be auctioned for $24.4 million

Uncategorized Faizah Kamal 19-Dec-2019

A luxury hotel with 553 rooms and 1,209 beds in Turkey’s resort town of Kemer will be auctioned for a minimum value of 144 million Turkish Liras (nearly $24.4 million).

Martı Myra Hotel was built on a public piece of land spanning 89,258 square meters and became operational in 1988.

Martı Group, owner of one of Turkey’s oldest tourism companies, had acquired the right to operate the premises for 49 years. Thus, the prospective new owner will have the right to operate the hotel until 2037.

The appraised value of the property, which also includes thousands of trees and ornamental plants, is twice as much as the minimum auction value, according to a report prepared as part of a foreclosure decree.