Global real estate services firm Cushman & Wakefield presents the findings of its survey conducted among executives representing over 14 leading international hotel operators in its latest report Hotel Operator Beat Q4 2021.
The survey was completed in December 2021 by hotel operators with a presence or interest in entering the Turkey region.
Key Findings:
- The top 5 most attractive urban markets in Turkey are Istanbul, Antalya, Izmir, Ankara, and Bursa.
- The southern coast regions of the Aegean and Mediterranean riviera are rated to be the most attractive tourism destinations for hotel operators.
- The survey results indicate that some operators are willing to offer better commercial terms when it comes to sustainable hotels. Waving technical development services fees seems to be the primary incentive, with 36% of surveyed operators stating that they are very likely or likely to offer this for properties with high environmental ratings.
- Almost 40 of the surveyed operators in the Turkey region engage in leases, and only 7-14% stopped offering some form of these contracts due to COVID-19.
- While the reminder of urban markets in Turkey is expected to see a somewhat slower recovery, most respondents still anticipate that these cities will achieve pre-pandemic performance levels in early 2023.
- The funding challenges remain both within the dept and equity parts of the capital stack, accounting for a combined 54% of justifications for project delays.
- Interestingly, 33% of surveyed operators in Turkey are reporting a trend of ESG related clauses in their contracts, which is relatively low compared to other regions in Europe.
