China's Senstone Capital eyes Grand Hyatt Hotel in Taksim

Chinese investment firm Senstone Capital will invest $150 million in the food and tourism sectors in Turkey and the company is planning to acquire the Grand Hyatt Hotel, among others.

Senstone Capital Chairman John Zing confirmed the news, saying, "The Chinese love to come to romantic Turkey and the magnificent city of Istanbul and mostly prefer countries with history, culture, deep roots and tolerance." The chairman did not disclose any details of the acquisition, stressing that he could not disclose further details about the talks, and that the negotiations are in progress.

"Turkey is a very suitable for China," he continued. "Turkey is currently very well-suited to trade, and we believe there will be a lot of business opportunities in Turkey in the future."

Zing came to Turkey to discuss the possible cooperation between Turkey and China at the second International Economic Development Summit. Culture and Tourism Minister Mehmet Ersoy and Istanbul Governor Vasip Şahin also attended the summit organized by former Minister of Economy and Chairman of Çelebi Strategic Consulting, Assoc. Dr. Işın Çelebi. The summit was held at Doğuş Group's Grand Hyatt Hotel in Taksim, Istanbul, while Ferit Şahenk, the chairman of Doğuş Group, met with John Zing. Zing stated that there are in search of opportunities for investment or acquisition not only in Istanbul but also in other regions. The Grand Hyatt Hotel, which was put out to tender by the Istanbul Metropolitan Municipality (İBB) in 2010, was acquired by Göktrans, a subsidiary of Doğuş Holding, for TL 208 million ($34.12 million). Set up on 14,793 square meters of land, the hotel has 360 rooms. The company currently holds the right to operate the hotel, which also has a pool, bar, restaurants, sauna, massage facilities and a solarium, until 2031.