The Peninsula Hotels Plans Istanbul Luxury Property

Istanbul  RudyBalasko/iStock / Getty Images Plus/ Getty Images
Photo by RudyBalasko/iStock / Getty Images Plus/ Getty Images
The Peninsula Chicago
The Peninsula Chicago

Of all the luxury hotel buzz in Cannes this week at ILTM, The Peninsula Hotels had tongues wagging with some fun news: After the renovation of The Peninsula Chicago, The Peninsula Beijing is about to embark on a top-to-bottom renovation, while three new luxury hotels are in the works. These highly anticipated projects include properties in Yangon, London, and Istanbul. What's in store in Turkey?

Back in July, a joint venture was announced between Hongkong and Shanghai Hotels, owner of the Peninsula hotels, and two Turkish companies: Dogus Holding and BLG Capital, a part of Bilgili Holding. The $330 project will be developed in the Salipazari Port located in the Karaköy area overlooking the Bosphorus. The Peninsula Hotels will be making a foray into a highly competitive luxury hotel market, as Istanbul is home to prestigious international brands like Raffles, Four Seasons, St. Regis, Park Hyatt, Jumeirah, and Shangri-La.

First established in 1928, the Peninsula Hotels now operate luxury hotels in ten major international cities.

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