Turkey's oldest hotel chain files for bankruptcy

Turkey's oldest hotel chain declares bankruptcy

Alkoçlar Hotels Group, the 70-year-old hotel chain in Turkey owned by Ender Alkoklar, still couldn't survive the pandemic. The network, founded back in 1950, was declared bankrupt by the court for the second time.

The trial, according to Turkish media, began back in 2018, when Alkoçlar Otelcilik AŞ, the operator of 3 hotels with a capacity of 1,400 beds, was on trial, requesting external management in 2018 in Istanbul. The arbitration court of first instance issued an injunction. While the process continued, hotels in Bodrum and Alaçatı were closed. The report eventually showed that the company was technically in bankruptcy.

The court that heard the case ruled the bankruptcy of the company, whose debts exceeded 60 million lire. The company appealed this decision, this time as an appeal to the Istanbul Regional Court. On June 30, 2021, the Chamber overturned the decision of the local court. As a result, the case returned to the Arbitration Court of First Instance. On June 16, the court ruled that the company was bankrupt. The case was referred to the Istanbul Bankruptcy Office for liquidation.

A farewell message signed by Ender Alkoçlar was published on the Alkoçlar website. In it, he recalls that Alkoçlar Hotels Group was founded in 1950 and has signed many first contracts since its inception as Turkey's oldest local and national hotel chain. However, in 2020, the chain made the decision to withdraw from tourism.

“Over the past 70 years, she has invested heavily in the Turkish economy and has created employment by attracting thousands of employees to the sector. We would like to express our gratitude to our colleagues, managers, travel agencies who have supported us over the years, and to all our local and foreign guests who have preferred us,” said the former owner of the chain.

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