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Boutique hotel for sale in historic Sultanahmet Istanbul with 90%+ year round occupancy just metres away from Topkapi Palace gates. Recently renovated, this is a supreme investment opportunity for those looking for a ready made business in Turkey.
- Boutique hotel for sale in historic Sultanahmet Istanbul
- 90%+ year round occupancy rate
- Recently renovated, supreme investment close to Topkapi Palace
- Originally a 19th century Ottoman Mansion
- 10 bedroom hotel spread out over six floors
- Rated 9/10 in respected hotel booking websites
- Encouraging payback period of around 10 years
FACILITIES & LOCATION
This property was originally a 19th century Ottoman Mansion, recently renovated throughout in its original Ottoman style. The hotel is situated in an excellent location close to all major historical and cultural sights in the heart of the historical old city of Istanbul Sultanahmet – very highly sought out by tourists and those visiting Istanbul.
There are 10 bedrooms in total within the hotel, spread out over six floors. Bedrooms are very spacious, ranging from 20m2 to 35m2, and are decorated with great care, assuring comfort and luxury at the same time. Heating and cooling is provided, while there is also a mini-bar, cable TV and 24 hour reception service.
At the top of the hotel, there is a spacious terrace where there is a stunning panoramic view of the famous Hagia Sophia, the Bosporus sea, Prince Islands, and city landscape.
The hotel is rated at 9/10 in respected hotel booking websites; with many positive reviews and experiences from those who have stayed previously.
There is possibility to add 1 more room to the Hotel to make it 11 rooms in total.
Investment value and details
At the current asking price, the investment is expected to pay back in 11 years, which is already a very encouraging payback period. Payback period averages in the hotel sector in Istanbul are currently around 14-16 years. The same figure in London would be in excess of 22 years.
Room Rates: High Season rooms are priced at 139 Euro per room, while in Low Season the rooms sell on average at 89 Euro per room per night, resulting in a yearly average of 115 Euro per room per night and a occupancy rate of 91% year round. Estimated Yearly Revenue: 380,000 USD – 440,000 USD.
The hotel is found just opposite of the surrounding walls of the Topkapi Palace, just a few minutes from the main gate. The hotel is situated in a charming, yet quiet street, a lovely area where local Turkish families still reside, this adds a sense of authenticity of the hotel – ideal for travellers looking to sample Turkish life when they arrive in Istanbul.
Due to its strategic location, historic standing and excellent condition, the value of real estate is premium and expected to appreciate steadily in the forthcoming years. Therefore, besides the hotel operation, the investment represents a growing business, which is very profitable, and a prime location, which will steeply appreciate in value.