Hongkong and Shanghai Hotels, owner of the Peninsula hotels, will spend €150 million (US$165 million) to develop a hotel in Istanbul with two Turkish partners, according to a report in the South China Morning Post.
The €300 million (US$330 million) project will be equally owned by Peninsula Istanbul Holdings and SLI, a joint venture between Turkish group Dogus Holding and private equity fund BLG.
The hotel will be built in the Salipazari Port located in the historic Karaköy area overlooking the Bosphorus strait between Europe and Asia, according to the announcement.
This deal marks Hongkong and Shanghai Hotels’ 13th hotel, with projects ongoing in London and Yangon, Myanmar.