Istanbul’s luxury Les Ottomans hotel to be sold after owner fails to pay debt

Les Ottomans, a luxury Istanbul boutique hotel on the Bosporus, will be sold off this week after the owner failed to repay loans to a bank.

The property, located at Bosporus mansion Muhsinzade Mehmet Paşa, is valued at 440 million liras. A Turkish court rejected an appeal by owner Ünal Aysal to repeal an injunction, Patronlar Dünyası reported on Wednesday.

Les Ottomans is popular accommodation for visiting Turkish and foreign businessmen, with its seaside restaurant, spa and luxury rooms. It is located in Istanbul’s Ortaköy district.

Leading Turkish businessmen have run into difficulties repaying bank loans following a currency crisis in the summer of 2018. The outbreak of the COVID-19 pandemic in March and the expiry of special waivers on loan repayments by the government to help shield companies against default is adding to the financial pressure.

An auction for the sale of the property will take place in Istanbul on Thursday, the news website said.