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Report: Turkish conglomerate Doğuş to sell southern Europe luxury hotels

Turkish billionaire Ferit Sahenk's conglomerate Doğuş Holding AŞ is planning to divest luxury hotels across southern Europe amid debt restructuring, Bloomberg News reported, citing sources with knowledge of the matter.

The group is believed to be privately negotiating for the sale of the Villa Dubrovnik hotel in Croatia, Hotel Villa Magna in Madrid, the Aldrovandi Villa Borghese Hotel in Rome, as well as the Capri Palace hotel in Capri, Italy, and the Grand Hyatt hotel in Istanbul.

The hotels are expected to be disposed of individually rather than as a portfolio to prospective buyers, including high-net-worth individual investors from Portugal, Spain, Italy, Asia and the Middle East, the Oct. 10 report added, citing some of the sources.

The Turkish conglomerate has been unable to refinance its own €725 million debt and €1.6 billion related to its investee companies, the news agency reported, adding that Doğuş' total liabilities jumped to 34 billion Turkish lira as at June-end from 29.7 billion lira as at the end of 2017.

As of Oct. 11, US$1 was equivalent to 6.00 Turkish lira.