The Tanriverdi Holding construction company, major constructor of hotels in Turkey, and Shangri-La Asia hotel group have officially agreed to build a 7-star hotel in place of what used to be a tobacco warehouse in Besiktas district of Istanbul. The agreement was signed in the presence of Turkish State Minister for foreign trade Zafer Caglayan at the Dolmabahce Palace. Cagalyan expressed hope that the project would become a springboard for further cooperation between Shangri-La Asia Ltd. and local business groups.
The 14-storey building, with seven floors below sea level, will overlook the Bosphorus. The hotel is slated to open in April 2012. The total cost of the project amounts to $250 million, hotelsmag.com reports.
Currently, Shangri-La Asia Ltd. holds 68 hospitality properties around the globe. Shangri-La Istanbul is one of the four European pipeline projects, which also include hotels in Paris, Vienna and London.