Posted on 14 February 2011
Hilton increases investment target to $1 billion in Turkey
Amplio Real Estate Investment and Development Company, which was established with the objective of building 20 Hilton Garden Inn Hotels and Hampton Inn hotels with a total investment of $300 million, has decided to expand its business. Amplio Company, which was satisfied with the potential in Turkey, increased its building objective to 40 hotels and its investment target to $1 billion.
Alaeddin Babaoglu, who established the company with German partner E. W. Graebner, said the company’s primary objective when it first entered into business was to construct 20 hotels within five years. “The current prediction is that we will achieve this target within two years. As a result, we raised our objectives to building 40 hotels over five years,” said Babaoglu. He announced that the company has bought nine building sites already and this number will increase to 13 by the end of this year. The building sites are located in the cities of Manisa, Diyarbakir, Eskisehir, Corum, Corlu and Samsun.
Source: Turkish Daily News – 25th June 08