Mardan Palace sequestered for debt worth TL 2.2 million

Mardan Palace Hotel in Antalya has received a warrant of attachment due to its debt of TL 2.2 million ($800,000) to a company. The hotel had been on judicial sale because of its millions of liras in debt to a bank and the sale had been cancelled after the hotel agreed to pay its debt.

Mardan Palace Hotel, which was built by Azeri-origin Russian businessman Telman İsmailov for $1.5 billion in the Kundu region of Antalya and chosen as the "World's Leading Luxury Hotel" by World Travel Awards in 2010, has 67 files at enforcement offices because of its debts. AST İnşaat Turizm Sanayi ve Ticaret A.Ş., which owns Mardan Palace Hotel and six ultra-luxury villas in an area of 104,719 square meters, has execution files at all of the 16 enforcement offices in Antalya.

Twenty-six of those files were closed by verdict of non-prosecution, while nine were closed after creditors withdrew their lawsuits. Additionally, six files were closed by attachment proceedings and external collecting methods. Twenty-six files are still open. Attachment proceedings for 21 of them are still continuing. Processes for the other open files came to a halt because of the objections.

Mardan Palace Hotel was put on judicial sale by Antalya's Fourth Execution Office because of its debt of $100 million to Halk Bank's Adapazarı Branch. Later, the sale was cancelled when the hotel agreed to pay its debt in four years at $25 million installments each year.

Mardan Palace's debt of around TL 2.2 million to a company named Art Decor was going to be collected by execution. However, the execution process has been suspended since the expense wasn't covered by the company.

Mardan Palace Hotel, which was built by using gold and crystals in the construction and is one of the most important tourism investments belonging to the AST Group in Turkey, covers an area of 180,000 meter squares. It was built to look like the historical structures of Istanbul. The hotel, which began operations on May 23, 2009, was designed in the shape of the Bosporus Strait and it has one of the largest open hotel swimming pools. Guests can reach the Water Way surrounding the open swimming pool via Sultan Gondolas.

The pool, which is in the shape of the Bosporus Strait, is lined with buildings on the side representing the European side with buildings like those in Ortaköy and Arnavutköy, while buildings on the Asian side represent the architectural properties of the classical Turkish houses. Also, there is a Maiden's Tower in the middle of the pool.

Mardan Palace has hosted world stars such as Sharon Stone, Paris Hilton, Mariah Carey and Monica Bellucci in its opening ceremony. It is stated that Mardan Palace Hotel, which holds many events and organizations, appears like land on the deeds, but it is a touristic structure, which is actually used as a hotel.