450+ Room Five-Star Resort Hotel Bodrum, Turkey For Sale
Location: Beach-front, Bodrum, Turkey
Name: TBA
No. of Keys: 450+
The Property: Built in 1995 and renovated in 2010, 2015 and 2016, the hotel is 2 km away from the centre of Gündoğan, 25 km from the centre of Bodrum and 45 km from Milas Airport.
Built on an area of 66.000 sqm, it’s surrounded by pines, black pepper, eucalyptus and palm trees and offers a sandy beach of 600 m in total, including a platform and sun bath beach of 300 m and currently operates on an all inclusive basis.
The hotel consists of a seven-storey main building, with two annex buildings on either side.
6 swimming pools – 3 outdoor, 1 indoor and 2 children’s pools. Full range of activities including water-sports, tennis, mini-football, table tennis, basketball, mini-golf and children’s area. There is retail (10 shops), 5 bars, 3 restaurants and
2018 Certificate of Excellence from TA.
The hotel’s neighbours are the top, prestige chain hotels like, Mandarin, Six Senses, Paramount and Sirene.
The Resort permission to build 200 to 400 more rooms. In 1995 when the hotel opened, there was 30% construction permission according to the old project and license. A Purchaser can add around 200 more rooms to the existing hotel.
The 30% construction permit has been raised to 45% after the hotel was opened, which now permits the Owner to add around 400 rooms in total., which means that the hotel could theoretically have 900 rooms in total.
The government encourages tourism investments and therefore the sqm of such closed spaces like meeting & seminar rooms, storage rooms, basements, SPA, etc. are not included in the total sqm of construction.
To build 400 extra rooms, a new construction license has to be taken by preparing an architectural project, which will take maximum 6 months. Possible alternative development scenarios are as follows:
Dividing the hotel into 2 parts and selling half of it as a hotel…The 20.000 sqm land and 188 rooms on the tip of the peninsula can be separated from the hotel and can be sold as a separate hotel, by dividing the hotel into 2 parts. An investor could consider managing this part as a separate hotel….OR#
Building luxury residences & villas to sell on the 20.000 sqm part of the hotel. The purchaser could decide to turn the present rooms into luxury residences and villas for sale. A total of 16.000 sqm construction is permitted on this 20.000 m2 land.
Or the buyer could consider demolishing the existing buildings and rebuild luxury residences as well. The average price for luxury residence flats in residences in Gundogan Bay is between USD$ 4,000 to $6,000 per sqm.
The resort has a 60.000 sqm construction permit. The hotel license can be converted into residence permit, similar to Hilton by Curio Boviera project (330 villas & luxury residences) in the Kucukbuk Bay just behind this Hotel. The government gives residence permission easily, if you consider adding a small boutique hotel when constructing the residences & villas to sell.
Many options…come and visit and discuss with the owners the opportunities. PD
Main Photo: The layout of this hotel
Tenure: Freehold
Brand/Management: Flag-free
Financials: Financials available upon signing of a NDA
Current Owner: Public Limited Turkish company – (a Joint Stock Co)
Agent: Local agent in partnership with The Hotel Property Company
Guide Price: US$85m, with a further US$25m for 20,000 sqm of development land
Guide Price per Key: $177,453
Date Posted: February 2020
THPT Comment: This is a great opportunity to acquire an existing beachfront resort hotel with many options to extend the operation and gain some real upside.
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