1,300 Turkish hotels up for sale as Russian sanctions trigger tourism crisis

Around 1,300 Turkish  hotels – between them worth $13bn –  in the country’s  Black Sea and Mediterranean coastal resorts have been put up for sale as a combination of Russian sanctions and a series of terror attacks has plunged the country’s tourism sector into a state of crisis. More than three million Russian tourists visited Turkey last year – 15% of the overall total – but that figure has fallen dramatically following the downing of a Russian warplane over the Turkish-Syrian border last November, and  Moscow’s subsequent ban on  banned chartered flights to the country.
Since then, Turkey has been hit by a number of terrorist attacks including last month’s suicide bombing in Istanbul that left ten dead.  The Rusian boycott has pushed a number of hotels to the verge of bankruptcy,  Abdurrahman Karamanlioglu,  chairman of spa hotel Denizli Colossae Thermal, told the Zaman newspaper. All-inclusive package beach holidays had been particularly popular among Russians. The publication put the total value of the properties up for sale at around $13bn.