Despite filing for bankruptcy while tens of thousands of customers were on vacation, FTI’s Turkish hotel management company, MP Hotel Management Tourism Construction Investment Inc. (MP Hotel), previously announced that it would not be affected by FTI's bankruptcy and would continue its operations as usual.
New development: Concordat declaration
A new development has emerged regarding MP Hotels, which operates 11 hotels in Türkiye, including two owned properties. It has been learned that MP Hotels has declared concordat.
Statement from Mares Hotel owner
Mares Hotel, operated by MP Hotels, is owned by Marmaris Altınyunus Touristic Facilities Inc. They issued a statement on the Public Disclosure Platform (KAP), saying:
"In an email sent to our company by MP Hotel Management Tourism Construction Investment Inc. ("MP Hotel"), which operates as a tenant in Mares Hotel under the Lease Agreement dated 17.10.2016, it was stated that a request for concordat had been submitted. Regarding this request, the ANTALYA 3rd COMMERCIAL COURT OF FIRST INSTANCE, with file number 2024/441 E., granted a provisional respite decision for MP Hotel starting from 13.06.2024 for a period of 3 months. Currently, our tenant MP Hotel continues its activities at Mares Hotel, and the rent has been collected in advance as per the lease agreement. Our company will intervene in the case within the framework of the lease agreement. All rights of our company under the agreement will be evaluated, and developments on the matter will be shared with our investors."
