Sale decision for a 26-story giant hotel in Istanbul! The price has been set...

Avrupakent Gayrimenkul Yatırım Ortaklığı A.Ş. (GYO), a subsidiary of Artaş Holding, has initiated the process to put the Radisson Residences Avrupa TEM İstanbul, located in Gaziosmanpaşa, Istanbul, up for sale.

The decision, announced via a notification to the Public Disclosure Platform (KAP), covers the high-capacity accommodation facility located on the TEM Highway in Istanbul. The 26-story facility, situated on Abdi İpekçi Street in the Karayolları neighborhood, operates with 141 rooms and a capacity of 440 beds.

VALUATION APPROACHES 1.94 BILLION TL

According to the statement by Avrupakent GYO, the market value of the hotel, which serves as an apartment-style accommodation facility for tourism purposes, was determined to be 1 billion 615 million 950 thousand Turkish Lira excluding VAT in the 2025 year-end valuation report. The total value including VAT was calculated at 1 billion 939 million 140 thousand Turkish Lira.

As part of the sales preparations, the management and lease agreement with the hotel's current operator, Pantur Otelcilik ve Turizm Hizmetleri A.Ş., was terminated by mutual agreement. The termination date of the contract was recorded as June 30, 2026.

The current operator has been granted until August 31, 2026, to vacate the facility. The company stated that developments regarding the sales process will be announced to the public within the framework of Capital Markets Legislation.

News Source: 12punto