Japanese firm plans to invest $1B in Turkish tourism

The Japanese tourism giant Highest International Standards (HIS) Global will make a $600 million hotel investment in Turkey in partnership with Dorak Holding, one of Turkey's largest tourism and real estate firms.

Eyeing opportunities in Turkey, HIS will increase its investment up to $1 billion in the country. The group, which will enter the Turkish market in cooperation with Dorak Holding, will make hotel investments amounting to $600 million in Istanbul, Antalya, Bodrum, Marmaris, Denizli and Cappadocia.

HIS, one of the operators of the Asia Atlantic Airlines (AAA), is continuing negotiations with the authorities of the Istanbul New Airport, scheduled to open on Oct. 29, while planning to launch scheduled flights to Turkey as of 2020.

Dorak Holding boss Ahmet Serdar Körükçü said that they have been long cooperating with the HIS group and will transform this partnership into an investment trust. Körükçü stated that the group made its first investment in Turkey three months ago, adding, "They have partnered up with our hotels with $100 million - $50 million in Hilton Pamukkale and $50 million in Marriott Hotel Cappadocia. They have a 51 percent share of both hotels."

He further noted that they are planning to make hotel investments with HIS in Istanbul, Antalya, Bodrum and Marmaris, continuing that they aspire for Doğuş Group's Grand Hyatt hotel in Taksim and Park Hyatt hotel in Nişantaşı.

"We have offered $170 million for two hotels. We have reached the last stage of our talks," he said.

According to Körükçü, Dorak Holding also aspires to buy the five-star Vera Mare Resort Hotel in Serik, Antalya, which was bought by Fibabank as a result of a last month's tender.

While negotiations with the bank have reached the last stage, the holding company is also looking to buy hotels in Bodrum and Marmaris.