Turkish firm buys island, hotel in Venice

ISTANBUL

Permak Group bought San Clemente Palace Resort.

Turkey’s Permak Group has acquired an area covering 62,000 square meters on San Clemente Island in Venice, as well as a five-star luxury hotel, the San Clemente Palace Resort.

Permak Group, which is active in the construction, machinery, tourism, technology, chemistry and retail sectors, bought San Clemente Palace Resort , which has 205 rooms divided into four different themes, the company announced in a press release yesterday.

The project, worth around 25 million euros, will restore the hotel in accordance with its originality and build new facilities such as restaurants, sports facilities, a swimming pool and a spa. Around 600 people are expected to be employed in the hotel.

“We are happy to have acquired this historical island in Venice by making an important investment. We plan to open in in 2014 after completing its restoration as soon as possible. The hotel, which will be one of the Europe’s most luxurious hotels, is planned to be operated by an international hotel chain,” Permak Group Deputy Chairman Emir Uyar said.

Venice, one of the world’s most popular destinations, hosts nearly 24 million tourists a year.