Istanbul, one of Turkey’s favorite city destinations, increased its hotel investments in 2022. The value of 43 hotel investments with incentives is at the peak of 10 years.

Hotel investments accelerated in Istanbul

According to the data compiled by Turizmdatabank, Istanbul, one of Turkey’s favorite city destinations, increased its hotel investments in 2022. The value of 43 hotel investments with incentives is at the peak of 10 years. While the present value of investments in the province 10 years ago was 3.5-4 billion TL, it reached 3.2 billion TL in 2022. Hotel renovations also gained momentum in the city where new hotel investments were made.

With the investment incentives received in the January-December 2022 period, approximately 7.5 thousand hotel beds will be renewed in 14 hotels in the province. On the other hand, around 3.9 thousand new hotel beds will be built in 29 hotels.

Hotel budgets for 2022

In Istanbul, a budget of 3.17 billion TL was allocated for completely new facilities and 2.0 billion TL for hotels to be renovated. Allocating 0.54 billion TL for 2 new 5-star hotels, Istanbul will spend 1.01 billion TL for the renovation of 10 5-star hotels.