ISTANBUL-The textile manufacturer Tanriverdi Holding Co. and Shangri-La Hotels and Resorts have signed an agreement to build a new hotel here that will cost a reported $250 million. Shangri-La Hotel, Istanbul is expected to open in April 2012.

The 200-room hotel, Shangri-La’s first in Turkey, will be built on the site of a former tobacco factory and warehouse from the 1930s. The property is between the Dolmabahce and the Maritime Museum on the European coast of the Bosphorus Straits, the 30-kilometer stretch of water separating Europe and Asia. The hotel will be in the Besiktas district, the shopping and transportation hub of the city.

An unusual feature of 14-floor hotel is that it will include seven underground floors. The hotel will offer several restaurants and bars, including a rooftop restaurant, health club, spa, swimming pool, conference rooms and other facilities.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.