Music
anasayfa
Homepage
contact  
   
 
 
 
   
Google
   
   
    
 
 

 
 
 
 
 
 
 
 

Üstündağ Group to invest in Balkans

Turkish Daily News
July 29, 2008

Üstündağ Group to invest in Balkans


SADİ ÖZDEMİR

ISTANBUL - HÜRRİYET


Board chairman of Üstündağ Group, Adil Üstündağ, who is one of the
first automobile manufacturers of Turkey and the owner of Green Park
hotels, has managed to obtain a market value of $1 billion in the
tourism sector within 15 years.
        Üstündağ started to invest in the tourism sector with the
construction of a 180-room hotel in Taksim in 1993. Üstündağ, who owns
four hotels in Taksim, Merter, Bostancı and Kocaeli’s Kartepe
districts, plans to complete the construction of a giant congress hotel
in Pendik prior to the next Formula 1 races in 2009.
Meanwhile, Üstündağ, who bought land in Ankara’s Çankaya district to
construct a hotel in the region, has started to carry out the necessary
procedures to go public.
Üstündağ noted that the group will invest $50 million and construct a
hotel with 200 room and 400 bed capacity in Çankaya. “We do not mind
about politics, our major concern is cumbersome bureaucracy. For
instance, Çankaya Municipality and Ankara Metropolitan Municipality do
not get along very well, however we believe that both of these
municipalities will not hesitate to help our group in our investments
for the region,” said Üstündağ.
“We have completed the major procedures with the relevant
institutions to go public. We have a market value of nearly $1 billion
and we would like to offer 30 percent of this value to the public,”
said Üstündağ. “We have not officially started this public offering
process, however foreign institutional and individual investors,
particularly investors from the United States and Dubai, are showing
great interest in this process. My primary objective is to build and
administer hotels in Sofia, Sarajevo and Kosovo. Afterward, our group
aims to expand in Europe,” he added.
“We have signed a contract for land in Sofia. We would like to expand
on a regional basis. In this respect, I would like to open a hotel in
[Bosnia and Herzegovina’s] Mostar,” Üstündağ said. “Our group also
aims to open a shopping center in Villakent project, which is comprised
of 2,800 villas in Büyükçekmece’s Tepekent district. We plan to start
the project this year and complete it within one year,” he added.
Üstündağ underlined that he preferred to invest in Istanbul for the
construction of hotels, while the majority of investors who are involved
in the tourism business opt to realize investments in the southern
regions of the country. “Because, I believe that city hotels will be
profitable in the future. As a result, I constructed the first five-star
hotel on the Asian side of the city. We also opened our hotel in Bostancı
in 2001,” said Üstündağ. “This hotel attained an occupancy rate of
95 percent and evolved into a hotel with 25 meeting rooms and 400 bed
capacity. There are 18 hotel projects for the Asian side of the city at
the moment, and I believe that the area has the capacity for 18 more
projects,” he added. “Meanwhile, Eyüp, Küçükçekmece and Balat are
the major districts that I would certainly like to construct a hotel
in,” Üstündağ said.


 

.....
Top


 

South East Europe and Balkans
 
Focus Daily News
 
 
 
 
 
 
Events
March, 2024
SunMonTueWedThrFriSat
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31
 
Weather
 
 
 
Copyright Aralık 2002 © balkanpazar.org
tasarım ve uygulama Artgrafi.net