Shangri-La, Tanriverdi to build seven-star hotel in Istanbul

A Turkish business conglomerate and an international hotel chain signed a cooperation agreement on Saturday to build a seven-star hotel in Istanbul.

Tanriverdi Holding and Shangri-La Asia Ltd. signed the agreement in a ceremony, attended by Turkish State Minister for foreign trade Zafer Caglayan at the Dolmabahce Palace.

Caglayan expressed hope that the agreement would lead the way for the Shangri-La Asia to make more investments in Turkey.The new seven-star Shangri-La Istanbul will be built on the spot of an old tobacco warehouse overlooking the Bosphorus in the Besiktas district.

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