Titanic Hotels became the owner of Turkish Mardan Palace

The owner of the Turkish Mardan Palace became Titanic Hotels. This was reported by the Association of Tour Operators of Russia (ATOR). 

The Titanic Hotels Group has completed negotiations with Halkbank, to which the fashionable hotel has departed in due time for the debts of Telman Ismailov. According to the Chairman of the Board of Titanic Hotels, Mehmet Aygun, whose words are quoted in the message, the deal with Halk Bank has been signed. He stressed that the official statement on the entry of Mardan Palace into the Titanic Hotels group will be made on Monday, November 12th. "We will do our best to provide the best service at Mardan Palace for our domestic and foreign guests. The hotel will be reconstructed, all shortcomings will be eliminated. I hope that the tourism season in 2019 will be good for all of us," said a Turkish businessman. The Mardan Palace Hotel has been closed since August 2017. According to unofficial information, the cost of a dilapidated luxury hotel today is estimated at $ 400 million, and for this reason, especially given the scale of the destruction of the object and the weakening of the Turkish lira, its potential buyers, including Rixos Group, were considered too expensive.

Photo: lastminute.com

AK & M "Mergers and Acquisitions Market"