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Tender on sale of Mardan Palace hotel cancelled

11 November 2016 09:44 (UTC +04:00)

Remind that the hotel owed to the bank. The Bank made a petition to hold an open tender.

Thereafter, the tender was cancelled as the bank declined the petition. However, Garanti Bankasi is insisting on putting the hotel up for tender. The hotel owes to this bank too. Therefore, Garanti Bankasi made a petition. Only Halk Bankasi joined the tender held on November 2, 2015 and bought the hotel for TRY 360.050 million. Interestingly enough, Guclu Insaat appealed to the court to cancel the tender but its appeal was rejected.

Later on, AST Group of Companies appealed to the court to cancel the results of the tender. The court has cancelled the results.

Executive Director of Mardan Palace Cetin Pehlivan said the year 2016 was unsuccessful for the hotel: “We hardly struggled in this period but Mardan Palace overcame these problems”.

According to him, hotel’s debt makes up 7% of capital: “We are working to repay our debts”.