Wealth Fund Hotel Revenues Announced
The audit reports of the Turkish Wealth Fund of the Presidential State Audit Board (DDK) for 2021 have been submitted to the Grand National Assembly of Turkey.
In the report completed on October 27, 2022 by three DDK auditors, two CMB experts and three experts from the Public Oversight Accounting and Auditing Standards Institution (KGK); Turkey Wealth Fund has 46 properties in its portfolio. There are 42 hotels among the properties.
According to the DDK report, the Turkish Wealth Fund, headed by President Recep Tayyip Erdoğan, has a total market value of 5.25 million 288 thousand lira; In 2021 he earned 169 million 563 thousand 197 lira from 42 hotels, three holiday villas and a hostel, 26 5-star and 12 4-star, in provinces such as Antalya, Izmir and Muğla.
THERE ARE NUMBERS ON THE WEBSITE, THERE IS NO INFORMATION
On the official website of the Turkish Wealth Fund, it is stated that there are 46 real estate properties in the fund’s portfolio throughout Turkey. However, there is no information on the whereabouts of the properties or their qualities.
According to the information in the DDK report, the ownership of 46 properties belonged to the Treasury. The allocations of 46 real estate properties in Antalya, Aydın, Isparta, Istanbul, Izmir, Kayseri and Muğla provinces were abolished by decision of the Council of Ministers and transferred to the Turkish Wealth Fund.
HOLIDAY VILLAGES, WATER PARKS…
26 out of 43 Wealth Fund-owned first-class hotels and vacation villas are in Antalya; A total of 8 real estate properties, including a hotel, a restaurant, a daily water park and a congress center, are located in Aydın; 1 ski resort, which is a 4-star hotel, is in Isparta; 1 restaurant in Istanbul, Florya; A total of 8 real estate properties in İzmir, including a motel, a first-class holiday complex, including 5-star and 4-star hotels; 1 ski resort with boarding house and restaurant in Kayseri; A 4-star hotel is located in Muğla.
VALUES INCREASE FROM 1.8 BILLION TO 5 BILLION
According to the State Oversight Board report; While the total value of 46 properties on the date of registration was 1 billion 888 million 949,000 TL, today the market value is 5 billion 25,000,288 TL compared to December 31, 2021.
From these properties, the Wealth Fund, chaired by President Erdogan, generated a total income of 169 million 563 thousand 197 TL in one year.
In 2021, a hotel in Antalya’s Manavgat district achieved the highest revenue with TL 16.6 million. The lowest income, on the other hand, was the ski hotel in Kayseri with 67 thousand TL in a year. The facility with a capacity of 410 people in Aydın, one of the largest water parks in Europe, earned 289 thousand TL in one year.
A RESTAURANT THAT SAYS MORE THAN MANY HOTELS IN AYDIN
On the other hand; While the revenue of a 360-seat first-class restaurant in Aydın exceeded the revenue of many hotels, it generated 7.4 million lira in revenue in 2021.
The market value of the restaurant by the end of 2021 was determined at 6.3 million lire. (PHOENIX)