Mares Hotel lease transfer gets competition approval; another permit remains
Marmaris Altınyunus says the competition authority approved the proposed tenant change, while a separate ministry permit is still being pursued.
Key takeaways
- The competition authority approved the proposed transfer of Mares Hotel’s lease to TBC Seyahat Acenteliği ve Turizm A.Ş.
- The company says a separate permit from the Ministry of Agriculture and Forestry is still required.
Marmaris Altınyunus said the Competition Authority has approved the proposed transfer of Mares Hotel’s lease from current tenant MP Hotel Management to TBC Seyahat Acenteliği ve Turizm A.Ş. The company said it learned of the approval from the authority’s website.
The lease transfer is not complete: the company said it is still working to obtain the required permit from the Ministry of Agriculture and Forestry. The arrangement would change the hotel’s tenant, not transfer ownership of the property.
Under the disclosed terms, the company is to receive a $400,000 transfer payment plus VAT and additional rent tied to revenue. For the period from Jan. 1, 2027, to May 1, 2035, the additional rent is set at no less than $400,000 plus VAT annually. KAP published the company’s disclosure.
This article was produced with the help of AI technology. Source: Yahoo Finance
