Amplio Negotiates Foreign Funds for Hotel Investment

11th August 2008 (Last Updated August 11th, 2008 18:30)

Turkish real estate investment and development company Amplio has attracted the interest of foreign investors and has begun negotiations to fund its objective of building 100 hotels in the region within ten years. Company founder Alaeddin Babaoglu believes that overseas investors are h

Turkish real estate investment and development company Amplio has attracted the interest of foreign investors and has begun negotiations to fund its objective of building 100 hotels in the region within ten years.

Company founder Alaeddin Babaoglu believes that overseas investors are happy with the company’s credentials in hotel management: “We are trying to make a choice between seven foreign investors at the moment,” he said.

Babaogl went on to say that the expected foreign investment would bring the company “$1.5 billion of revenue”.

Amplio has already signed an agreement with the Hilton Hotels Corporation for the construction of 20 Hilton Garden Hotels in Turkey within five years.

The company has purchased nine building plots in Istanbul, Bursa, Manisa, Çorlu, Çorum, Malatya, Konya and Trabzon so far.

It plans to invest $350 million in the first stage of development, which includes opening 20 hotels by 2012.

By Daniel Garrun