Les Ottomans Hotel, considered one of the most valuable properties on the Istanbul Bosphorus, has filed for concordat once again. This move comes after a previous concordat application was temporarily accepted but ultimately rejected by the court in November 2025.
New Concordat Application Filed by Universal Luxembourg Group SA
The new concordat application was submitted by Universal Luxembourg Group SA, a Luxembourg-based entity under Unit Investments SA, owned by businessman Ünal Aysal. Kalamos Turizm ve Ticaret A.Ş., a company owned by Universal Luxembourg Group SA, filed the application with the Istanbul 3rd Commercial Court of First Instance.
Court Proceedings and Expert Report
On March 16, 2026, the court issued a minute of proceedings, deciding to obtain an expert report. The expert committee has been granted 60 days to submit their report and has been authorized to conduct on-site inspections of the bankruptcy administration and the bankrupt’s commercial records. This decision was conveyed to the concordat applicant’s attorney via a decree from the Istanbul Regional Court of Justice 45th Civil Chamber, dated March 4, 2026.
Following the completion of the relevant documents, the court will decide whether to grant the company’s concordat request. A court session for this purpose is scheduled for June 11, 2026, at 2:35 PM.
Hotel Temporarily Closed for Certain Services
The hotel’s website indicates that its accommodation, SPA, and restaurant sections are temporarily out of service. However, the hotel is still catering to invitations and events.
Background of the Concordat Process
The hotel’s previous concordat request was initially accepted on a temporary basis. However, the Istanbul courts rejected the application in November 2025, terminating the process at that time. The current re-application signifies a renewed effort by the hotel’s owners to restructure their debts and continue operations under court supervision.
Impact on the Bosphorus Tourism Sector
Les Ottomans Hotel holds a significant position in Istanbul’s tourism sector, particularly along the Bosphorus. The ongoing financial challenges faced by such a prominent establishment highlight broader economic pressures within the luxury hospitality industry. The outcome of this new concordat application will be closely watched by stakeholders in the region’s tourism and business communities.
Future Outlook
The decision on the new concordat application will determine the future operational and financial trajectory of Les Ottomans Hotel. The expert report and the subsequent court hearing in June 2026 will be crucial in shaping the next steps for this iconic Istanbul property.
Source: https://www.ntv.com.tr/ntvpara/istanbul-bogazinin-en-degerlisiydi-konkordato-istedi-1721823
