Turkey’s Economic Prowess Brings Surge in Hotel Chain Investments

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Turkey’s string of economic achievements, crowned by going from debtor to contributor with the IMF and a series of “investment grade” ratings — Moody’s Investors Service, Japan Credit Rating Agency and Dominion Bond Rating Service all upped Turkey to investment grade recently on top of Fitch, which did so earlier in the year — are expected to bring a wave of investments from global hotel chains into the country.

Already we have had announcements from some of the world’s biggest hotel chain’s that they plan to expand their operations in Turkey. Wyndham Hotel Group, Hilton Worldwide and Accor Hotels, have announced new facilities in Turkey at the Turkey & Neighbors Hotel Investment Conference (CATHIC) held in Istanbul recently, while new hospitality companies are eyeing Turkey for investments, industry experts say.

Wyndham, one of the world’s leading hotel chains is already present in Turkey with its Ramada brand, now plans to launch a new brand “Super 8” with 20 new hotels.

“It is a very exciting to introduce the Super 8 hotels in Turkey, known for their comfortable, quality accommodation at affordable prices for business travelers.” Wyndham Hotel Group President Eric Danziger said about the hotels to be opened in the country over the next 10 years.

France’s Accor Group, which currently operates 10 Novotel and Ibis hotels in Turkey, plans to open 50 new facilities.

Hilton Worldwide, which was the first of the international hotel chains to invest in Turky back in 1955 with the Istanbul Hilton, plans to expand its expand its presence in the country by adding 3 new hotels to the existing 24 throughout Turkey.

“The recent rating upgrades are important contributors to Turkey’s tourism potential. We are extremely optimistic in this regard,” Hilton Worldwide Senior Vice President of development in Europe and Africa, Patrick Fitzgibbon said.

Touristic Hotels & Investors Association (TUROB) President Timur Bayindir, commenting about new investments by global hoteliers in Turkey, said that new hotel chains, in addition to existing ones, were on their way to Turkey. “Large customer bases of well-known hotel chains are helpful in increasing foreign arrivals to Turkey and significantly contributing to the country’s touristic appeal,” he noted.

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