Turkish hoteliers invest $550 million in 167 new projects

Turkey’s Daily Sabah has said that a report released by the Hotel Association of Turkey (TÜROB), based on Investment Incentive Certificates awarded by the Ministry of Trade, showed that the applications were made for 167 new hotel projects with 28,661 bed capacity in 2018.

Reportedly, the report TÜROB was released on 14 March, 2019.

The Turkish newspaper said that these new investments, which will be carried out through a sum funding of 3.05 billion Turkish liras (nearly $550 million on average currency rates in 2018), are expected to provide 8,303 additional jobs in the tourism sector.

The online news site went on to say that the number of new project applications dropped by 13% compared to 2017, when investment incentive certificates were awarded for 192 new hotel projects with 33,259 bed capacity. However, the total investment amount, TL 3.3 billion ($603.1 million) in 2017, slightly increasing by 0.6% per project.