Hotel Les Ottomans sold to Bilgili for ₺3.2 billion

The long-disputed foreclosure auction of Hotel Les Ottomans, formerly owned by Ünal Aysal’s Unite Group, has concluded. The luxury property was sold to BLG Varlık Yönetim A.Ş., a company controlled by businessman Serdar Bilgili, for ₺3.2 billion (approx. $80.4 million).

The court-ordered sale, overseen by the Istanbul Real Estate Sales Enforcement Office via e-auction, began on June 23 and closed on June 30, 2025. BLG Varlık won the bid after offering 4.5 times the opening price.

In a company statement, BLG Varlık noted:

“Despite numerous misleading statements and unjustified claims by the debtor throughout the process, the foreclosure sale of the hotel known as ‘Les Ottomans’ concluded on June 30, with our company acquiring the property at a price approximately 4.5 times higher than the starting value. We remain committed to contributing to Turkey’s economy and managing our portfolio effectively.”

Originally valued at ₺1.39 billion

Originally listed for ₺1.396 billion, the luxury hotel is located on a 3,236 sqm plot in Kuruçeşme, Beşiktaş, along the Bosphorus. The auction also included: A coal depot (235.5 sqm) on Parcel 15, Two adjacent land plots: 5.44 sqm (Parcel 23) and 179.49 sqm (Parcel 24).

The five-story building features 11 luxury rooms (including one triplex, six duplexes, and four standard suites), 6 elevators, and 8,055 sqm of enclosed space.

The hotel includes:

Ground Floor: restaurant, meeting room, kitchen, two offices, pool access

1st Basement: spa, indoor pool, 6 treatment rooms, meditation & rest areas, private spa suite, solarium, cinema (15 seats), pilates studio, two meeting rooms, and a ballroom

2nd Basement: gym/fitness center.

Ünal Aysal calls it a 'seizure operation'

Former owner Ünal Aysal, speaking to Sözcü newspaper, criticized the process, calling it a "seizure operation." He argued that the property’s true value is $178–180 million, well above the final auction price. “Ordinary old mansions are being sold for $150 million. This is a brand-new property. It’s being auctioned off for around $35–50 million—far below its actual value.” Aysal said.