More than 1000 hotels in Turkey up for sale

Turkey’s tourism industry falls victim to circumstance
Turkey’s tourism sector is suffering seriously from the combined effect of Russia’s sanctions, terror attacks in major cities and government mismanagement, bne IntelliNews reports. Tourism targets now look unlikely and hundreds of hotels and resorts are up for sale.
Around 1,300 hotels on the Aegean and Mediterranean coasts are on the brink of bankruptcy and looking for buyers. In the once popular resort city of Antalya alone, 410 properties, 120 of them five-star resorts, are for sale.
The government’s target of 50 million tourists a year by 2023, the Turkish republic’s centennial, has been thrown into doubt. As tourism accounts for 11% of the $800 billion economy, the deterioration could even undermine the government.
EXPO 2016, on in Antalya from April to October, will help the tourism sector, but the country’s famous cheap all-inclusive package holidays will be decimated this year.
bne IntelliNews


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