Hotel investments are still in fashion: after buying the luxurious The Ritz-Carlton in Istanbul, the Süzer Group holding has decided to buy a hotel outside of Turkey. The company's new target is two hotels in Miami, which were acquired by the investment bank Lehman Brothers after the 2008 crisis.
Following the example of another large Turkish holding company, Koç, the Süzer company also decided Place your investments in US resorts. The Süzer Group holding is ready to pay Lehman Brothers $90 million for two hotels in Miami. Ultimately, Süzer was one of the three contenders for the right to buy the hotels out of 23 companies that took part in the bidding. One of the hotels that Süzer is fighting for, the Setai Hotel, is located in the South Beach area of the Miami resort and is considered one of the most luxurious hotels on the entire coast.
“We have been looking for a suitable hotel for three years now”
In an interview with Hürriyet newspaper, Süzer Group Honorary President Mustafa Süzer commented on the American investments:
"We have been working for a long time to invest our capital profitably in the USA. For three years, we were looking for a suitable option in Miami, a popular resort of global significance. Finally, we learned that the US Bankruptcy Department was putting two hotels owned by Lehman Brothers up for auction. We immediately began the paperwork process and applied to participate in the tender. We offered a serious amount for two different hotels - $90 million, which allowed us to be among the top three finalists out of 23 applicants. The hotels themselves are in working order and practically no additional investment is required. We have already sent documents confirming our solvency to the relevant authorities and hope that the tender will end in our favor in the near future."
