International hotel chain Raffles Hotels and Resorts is to invest $175m in the development of a hotel within the Zorlu Center facility, which is currently under construction in central Istanbul, Turkey.

The 180-room hotel will be managed and operated by Raffles Hotels and Resorts on behalf of Turkey’s Zorlu Holding, and will be owned by FRHI Holdings, which operates 98 hotels across the world.

The site of the $2.5bn Zorlu Center project was bought from the Turkish Government’s asset sale agency for $800m in 2007.