Dorak Holding to Invest $60 Million in Marriott Property in Cappadocia

Dorak Holding, following four hotels it operates in Cappadocia under its own brands, is experiencing the excitement of launching Cappadocia Marriott before year-end through a partnership with Japanese HIS Hotel Holdings (H.H.H).

Ahmet Serdar Körükçü, Chairman of the Board of Dorak Holding, stating that they undertook this investment to meet the region's demand for quality accommodation, says: "We are opening our new USD 60 million hotel with pride. As a holding company, we expect to attract 400,000 tourists from around the world in 2025."

Dorak Tours, which laid its foundations as Dorak Turizm Gayrimenkul ve Yatırımları Holding A.Ş. in 1971 to serve the tourism sector, transformed into a group of companies in 2002 and into a holding in 2011.

Dorak Holding, managed through the partnership of board chairman Ahmet Serdar Körükçü and board members Ahmet Kaplan Tan and Mustafa Pilav, encompasses dozens of brands ranging from hotels to jewelry, leather to ceramics, carpets to textiles, food and beverage to mining.

Dorak Holding aims to reach USD 1 billion in turnover by the end of 2024 with 60 companies and more than 3,000 employees. The company, continuing its investments without slowing down, is experiencing the excitement of launching a new tourism investment in Cappadocia before year-end. Ahmet Serdar Körükçü, Chairman of the Board of Dorak Holding, noting that they acquired Cappadocia Marriott through a 50-50 partnership with HIS Hotel Holdings (H.H.H) under Japan-based HIS Co.Ltd., states: "We will continue working with international brands. We select brands according to location and requirements. For our new USD 60 million investment in Cappadocia, we found it appropriate to enter into a partnership with Japanese HIS Hotel Holdings (H.H.H)."

CLOSING A QUALITY ACCOMMODATION GAP 

Cappadocia, which attracts over 4 million visitors annually, is counted among the world's prominent tourism destinations due to its increasing popularity in recent times. Cappadocia, which ranks high on the travel lists of foreigners passionate about nature and cultural tourism, particularly Japanese, Chinese, Korean and Indian tourists, stands out as the region attracting tourists with the highest spending capacity. Körükçü, emphasizing that the Cappadocia region offers many alternatives to tourists and is a rising value as a tourism destination for Turkey and the world, says: "However, there is still a shortage of sufficient and quality accommodation facilities in the region. We found it appropriate to realize the Marriott investment in Cappadocia to close this gap."

298 ROOMS AND 467-BED CAPACITY 

Körükçü, noting that the Cappadocia Marriott investment came onto their agenda 6 years ago but was delayed due to completion of necessary infrastructure work and the pandemic that ensued, states: "Our hotel is complete with 298 rooms in different categories including 9 junior suites, 10 one-bedroom suites, 1 presidential suite and a capacity of 467 beds. The hotel will also provide employment for 250 people."

USD 150 MILLION INVESTMENT IN THE REGION 

Dorak Holding operates a total of 8 hotels in Cappadocia in its own concept and as franchises. 'Sacred House and Sacred Mansions,' selected as the world's best design hotel, are among the concept hotels they created. Having invested USD 150 million in Cappadocia to date, the group chose to partner with the Japanese on its latest investment in the region. Körükçü, stating that they previously collaborated with IHG, Hilton and Ramada By Wyndham brands, says: "International brands make a significant contribution to tourism destinations in terms of recognition. For this reason, we are receptive to such collaborations. We will continue to work with international chains for our future investments. We select brands according to location and requirements."

TARGET OF 400,000 GUESTS IN 2025 

Cappadocia Marriott is expected to reach a very wide audience. The hotel's main markets are North and South America, the Far East, the Gulf Region and the European continent. Körükçü, stating that as a holding they intend to host 400,000 people from around the world in 2025, says that accommodation rates at Cappadocia Marriott will be approximately EUR 150 excluding breakfast in the low season.

With specially designed luxury rooms and a 5-star accommodation experience, along with a quality SPA, indoor and outdoor pools, Cappadocia Marriott aims to provide guests with memorable moments. The hotel also features a large ballroom and conference hall that has been greatly missed in the region to date. This column-free hall, designed with a capacity of 1,250 people, has the capacity to host product launches of any size (trucks, etc.) and, with its foyer, will be the best in the region for any type of conference, meeting and wedding organization.

In the last five years, the Cappadocia region has also attracted tourists from France, England, Italy, Latin America, Brazil, Argentina, Colombia and the Middle East. In a region offering tourists many alternative activities, average tourist spending is twice that of Istanbul, approximately USD 1,500. Turkey's tourism revenue of USD 50 billion this year is expected to generate approximately USD 10 billion from this region. Körükçü, forecasting that Cappadocia has the potential to reach 10 million tourists in 2025, makes the following assessment regarding the sector: "Despite our expectations falling 20 percent short, we had an extremely good year. We think 2025 will be much better. The preliminary data currently supports this. Cappadocia is a rising value. Incredible recognition has been created in the last ten years. We foresee this will continue and increase."