Istanbul welcomes new hotel chain

Makyol, regarded as one of Turkey’s leading contracting firms, has announced plans to invest in a new hotel and tourism center in the high-end Istanbul district of Etiler.

The Makyol-Etiler Tourism Center is currently under construction and plans to open its doors in 2010.

Speaking at a press conference Tuesday, Adnan Çebi, the chief executive officer of Makyol, said the total value of the investment was $150 million.

Commenting on Istanbul’s increasing tourism potential, Çebi said: “Foreign investments will return to the city quickly as demand increases. Istanbul is taking concrete steps to becoming a fair and congress center. The demand for high-quality tourism centers is rapidly increasing as the existing number of centers fails to meet the demand.”

Çebi added that Istanbul continues to be an important location for international tourism brands.

Maykol is holding talks with several players in the global tourism industry, including Jones Lang Le Salle and Mövenpick, regarding the Makyol-Etiler Tourism Center, the firm’s CEO said.

“Apart from Etiler, we are also interested in Istanbul’s Beyoğlu district and the southern city of Antalya,” he said.

On Makyol’s other activities, Çebi said: “We mainly focus on infrastructure and road construction in Turkey, but also other foreign countries such as Morocco, Oman, Azerbaijan, Iraq and Algeria. We will expand our business volume with tourism investments.”

Makyol’s current business volume is $4.5 billion and the company expects to reap $750 million in turnover this year. The firm also aims to make an investment of $550 million in the tourism industry

Despite the economic crisis, the tourism industry has not experienced a huge contraction, only shrinking by 4 to 5 percent, said Çebi. “In the future, Istanbul tourism is expected to see a 15 percent growth,” he added.

Makyol plans on constructing a road transfer to Etiler that will re-direct traffic in the area. “Before finishing the hotel project, we will finish the road project,” Çebi said. “We will start in May and finish in August or September. The bridges and subways will direct traffic in different directions.”