The Mardan Palace Hotel, owned by Olimpus Insaat, which opened in 2009, went bankrupt due to external borrowings of about $250 million. The hotel hosted Hollywood stars such as Sharon Stone, Richard Gere, Paris Hilton, Mariah Carey and Monica Bellucci at its opening ceremony eight years ago, but the hotel complex has struggled in recent years due to accumulated debts.
The Mardan Palace Hotel in Kundu, Aksu district of Antalya, built by Azerbaijani-Russian businessman Telman Ismailov for $1,4 billion, has struggled to pay off its debt for years. Today, the stadium and hotel block are up for sale.
As of August, the Mardan Palace has stopped accepting bookings and customers have been redirected to different hotels via tour operators. Despite its closure, the hotel was once a popular choice for celebrities and wealthy holidaymakers from around the world. Now, the Antalya Water and Wastewater Administration (ASAT) has cut off the hotel's water and electricity due to a £2 million debt.
According to the news in the Hurriyet newspaper, this time the hotel, which often faced economic problems, has experienced a new development with the operator company. The management company Olimpus Construction Tourism Food Hotel Management Nakliye San. and Tik. decided to declare Mardan Palace Hotel bankrupt due to external borrowing.
Selcuk Şentepe, general manager of Mardan Palace Hotel, stressed that the bankruptcy decision was made due to the Bank of Moscow's debt of about $250 million. Şentepe said that the owner of the hotel belongs to the AST Group and the bankruptcy decision is related to the company that manages the hotel.
