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by Michael J. Shapiro | May 16, 2011

Raffles will enter the Turkish hotel market with the debut of the Raffles Istanbul Zorlu Center. The $175 million luxury property, debuting in the fourth quarter of 2012, will be part of a multi-use development that will include a performing arts center, residences, and retail and office space. Plans for the 180-room hotel include a 32,000-square-foot spa, two swimming pools, two restaurants, a heliport and a ballroom accommodating up to 1,200 people. The hotel company has signed a 30-year contract with Zorlu Center developers.