Torunlar to build hotel on Tekel lot

ISTANBUL - Hürriyet Daily News

Torunlar Executive Board Director Aziz Torun is seen in this file photo. Company photo

Torunlar GYO, which acquired the former Tekel factory in Istanbul’s Paşabahçe district for 335 million Turkish Liras, has decided to build a hotel on the lot in order to diversify its retail and residential portfolio, according to daily Hürriyet.

Torunlar increased the value of its portfolio 22 percent in 2011 to 3.8 billion liras. In addition to one hotel project at Istanbul’s Haramidere Mall, Torunlar will build a hotel on the newly acquired Paşabahçe lot.

Meanwhile, the company is waiting for the Galataport project at Karaköy to take shape, and could build another boutique hotel at that location.

“The Paşabahçe project will change the face of the Anatolian side. We want it to be a project worthy of Istanbul. We want to add to Istanbul’s brand value,” said Aziz Torun, director of Torunlar’s executive board. The company will not rush to complete the project, and it is not meant to be profit-based, but if it is successful it will naturally bring in revenue, Torun said, speaking at a meeting held to announce the company’s financial results. “We will work with expert consultants and use our know-how.”

For 2011, Torunlar announced that it had earned 177.3 million liras in net profit and had made 223.3 million liras in investments. Torun said that by 2014 the company would make 1.3 billion in investments and this will increase the company’s portfolio value to 4.1 billion liras.