The Bosphorous

REVIEWS:

Sheraton
W
Mariott Hotel Asia Kayisdagi
Kempinski Residences Astoria Sheraton

Named European Capital of Culture for 2010, Turkey’s most populous city isn’t content to wait another two years to bask in the international spotlight. Already boasting its fair share of cutting-edge boutique properties and stately five-star hotels, Istanbul is in the midst of a renaissance, a fact that hasn’t escaped the attention of international hoteliers who have been flocking to the city to partner with local developers in order to establish their brands on prime Turkish real estate.

Tourist arrivals are undoubtedly underpinning the city’s resurgence. In 2007 the number of foreign visitors to Istanbul reached 6,453,553, representing an increase of 20.7% over 2006, according to the Istanbul Convention & Visitors Bureau (ICVB). This figure is predicted to rise to between 7.5 and 8 million by the end of 2008. And with high-profile events already programmed for 2010 – including an opera performance of Joseph Kraus’s Soliman to be staged in the grounds of Topkapi Palace – it seems unlikely that this upward tourism curve will falter in the next couple of years.

This is good news for the city’s hotel operators. Indeed, Marvin Rust, Hospitality Managing Partner at Deloitte, comments: “Hoteliers in Istanbul have enjoyed a remarkable 23 consecutive months of RevPAR growth and, for the most part, this has been double-digit. The future of tourism in Turkey is promising, with the country’s Ministry of Culture and Tourism establishing a long-term strategy to become one of the top-five destinations in the world for arrivals and associated revenues by 2023.” Deloitte’s figures reveal that average room occupancy in Istanbul has increased from 57.3% in 2003 to 73.7% in 2007, while the average rate has jumped from US$110 to US$210 in the same period. The latter has no doubt contributed to the growing RevPAR that has risen from US$63, albeit a small base, to US$155 in four years.

Looking ahead to 2010, the Ministry of Culture and Tourism Istanbul Directorate confirms that 21,210 new hotel beds will be added to the city’s inventory, which currently stands at a Tourism Ministry-licensed capacity of 57,205. Meetings and conferences is one big driver of this explosion in bed capacity. Handan Boyce, General Manager of ICVB, says: “Istanbul retains its position among the top 20 meeting cities of the International Convention and Congress Association. New facilities are under construction in Congress Valley to host the IMF World Bank Meeting in 2009 and we will also finalise the Sütlüce Convention Center next year.”

From a leisure point of view, Istanbul continues to attract visitors with its exotic history, contemporary élan and unique cultural location that quite literally spans Europe and Asia. As 2010 draws closer, more cultural and art venues will be revealed although it won’t just be the bustling European side of the city that benefits. “The establishment of Sabiha Gökçen International Airport and the opening of the F1 Grand Prix circuit on the Asian side are initiating tourism in this part of the city,” comments Boyce. “This side will also benefit from investment by hotel groups as demand for corporate meeting venues continues to develop.”

The exciting potential of Asian Istanbul has tempted Marriott Hotels & Resorts to set up shop across the Bosphorus in a purely business-oriented district. Now that one international chain has taken the plunge, it can’t be long before others follow suit. Back in Europe, Starwood Hotels & Resorts has unveiled two major new projects in the past year, the hotly anticipated W Istanbul and the Sheraton Istanbul Maslak, while Kempinski has recently fortified its presence in the city by opening fully serviced rental residences. Not content with its presence in historic Sultanahmet, Four Seasons has just launched another five-star property in magical surroundings, this time on the edge of the Bosphorus.

This international, branded hotel activity reaches its peak this summer, when the Global Hyatt Corporation opens its flagship Park Hyatt Istanbul-Maçka Palas in the fashionable Nisantasi district. Combining the historic Art Deco architecture of Maçka Palas and innovative interior design by Randy Gerner of Gerner, Kronick + Valcarcel, the 90-room hotel will benefit from deluxe rooms that average a sizeable 59m2, a city spa, Wine Lounge and a steakhouse called The Prime.

And with interest in Istanbul showing no signs of abating, Park Hyatt won’t be the last international chain announcing its arrival in this buzzing city.