What happened to Şakir Paşa's hotel in real life?

In the series 'Şakir Paşa Ailesi', Şakir Paşa invests a significant amount of money in the construction of a hotel. Since the hotel is in Thessaloniki and he is in Istanbul, he cannot oversee the operations himself. His son, Cevat, wants to sell the hotel by claiming there is a buyer. However, Şakir Paşa opposes this, accusing Cevat of incompetence. Cevat, on the other hand, believes that the family fortune is being buried in a bad investment.

While all this is happening, Şakir Paşa learns from a family friend that the Balkans are about to become unstable. Although Şakir Paşa describes the situation to those around him as a simple rebellion, we understand that he is quite worried when he is left alone.

So, did Şakir Paşa really build such a hotel, and what was its fate?

In real life, Şakir Paşa begins the construction of a hotel in Thessaloniki. He takes on a significant financial burden for this. However, due to Thessaloniki falling out of the control of the Ottoman Empire during the Balkan Wars and the negative conditions brought about by the war, the hotel suffers great damage and becomes unusable. This situation causes Şakir Paşa to experience serious financial difficulties.