Shangri-La, Tanriverdi Plan $250M Hotel

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.