An affiliate of Hyatt Hotels Corporation has entered into a franchise agreement with Özkent Girisim Gayrimenkul Yatırım ve Ticaret A.S. for a Hyatt Centric hotel in Bodrum, Turkey.
When it opens in mid-2019, the 77-guestroom Hyatt Centric Yalikavak Bodrum will be the first Hyatt Centric resort in Turkey. The property will be managed by Access Tourism and Hotel Investment Consultancy, and will be the the fifth Hyatt-branded hotel in Turkey, joining the Park Hyatt Istanbul – Macka Palas, Grand Hyatt Istanbul, Hyatt Regency Istanbul Ataköy, Hyatt Centric Levent Istanbul, and Hyatt House Gebze, which is slated to open in September 2017.
Turkey's Appeal
The branded hotel is a good sign for the resurgence of Turkey's tourism and hospitality sectors. Although Turkey faced some stagnant periods in its tourism industry for the past two years, the demand for hotel investment has continued to surge in the first have of 2017. According to the Turkish Hoteliers Association's recent survey, 101 hotels in Turkey's 38 provinces, which have a 16,000-guestroom capacity, received incentive certificates for investments up to TL1.7 billion, registering a 13.5-percent increase in value, in the first six months of the year.
TÜROB, the Turkish Hoteliers’ Association, reported that in H1 2016, incentive applications totaling approximately TL 1.5 billion were given to 94 hotel projects with a combined guestroom stock of 19,124 guestrooms. Compared to the same period last year, H1 2017 saw a 13.5-percent increase in monetary investment.