Azernews.Az

BAKU – ISR Holding, one of Azerbaijan's biggest private sector companies that owns three hotels in the capital Baku, has purchased two hotels in Turkey.

One of the acquired hotels, Bodrum Princess Deluxe, based in the Turkish resort city of Bodrum, will operate as a joint venture with Hilton International hotel network. According to an agreement reached with Hilton, from 2011 it will continue to operate as Hilton Bodrum Turkbuku Resort & SPA.

ISR Holding’s other acquisition is Istanbul Edition Hotel, Turkey’s first seven-star hotel, which was bought out jointly with the Palmali group of companies run by Azerbaijani tycoon Mubariz Mansimov. The hotel, located downtown Istanbul, is one of the world’s eight Edition hotels.

ISR Holding Vice President Zafer Tangil has termed the company’s entering Turkey’s tourism sector as a step taken forward in expanding Azerbaijani companies’ business abroad.

ISR Holding, founded in 1995, is a major investor in the transport, real estate, trade and services sectors. The group of companies includes tens of businesses, including Baku Entertainment Center, Nergiz Shopping Mall, Toyota Baku Center, the elite residential housing complex ISR Residence, the iodine and bromine maker Azer Yod, Park Inn Hotel Azerbaijan, ISR Plaza hotel and business center, Radisson Hotel, as well as Hilton Baku hotel, which will be commissioned next year.