The Hong Kong and Shanghai Hotels, which operates The Peninsula Hotels, has revealed plans to develop a €300 million ($330.2 million) hotel in Istanbul, Turkey.

In collaboration with Turkish business conglomerate, Dogus Holding and real estate investor BLG Capital, The Peninsula Istanbul will be built in the Salıpazarı Port located in the historic Karaköy area overlooking the Bosphorus strait between Europe and Asia, the company said in an announcement to the stock exchange.

The new project, subject to approval, will be equally owned by SLI – a joint venture between Dogus Holding and BLG Capital – and Peninsula Istanbul Holdings, which will invest €150 million ($165 million).

In the announcement to the stock exchange, the company said: "This project is consistent with our long-term vision to invest and operate luxury hotels in strategically selected cities."

The group currently owns 10 Peninsula hotels in Hong Kong, Shanghai, Beijing, Tokyo, New York, Chicago, Beverly Hills, Bangkok, Manila and Paris. Two more are under development in London and Yangon. – TradeArabia News Service