I agree with you. The pool area at the Kempinski Cirigan Palace is a bit more intimate, although the Four Seasons is more modern and certainly much bigger. The Kempinski is an outstanding hotel but, overall, the FS has significantly one-upped it. I'll be back at the Kempinski in September, so I will have to evaluate again.
I have never stayed at Les Ottomans. The location is certainly spectacular -- a less central location than the Four Seasons and Kempinski, but overall better neighborhood (Bebek reminds me a tad of the Marina district in San Francisco). I was shocked at how dumpy the lobby was, however, when I wandered through a couple of weeks ago, although the outdoor area reminded me of the Four Seasons (although much smaller of course).
Aside from the pool area, though (which is a must in summer in my opinion), I am still tempated to rate the Park Hyatt as the top hotel in town. The Spa rooms (by the way, francophile, reports here suggest that you only get upgraded as a Diamond to the Spa room if you book the second category, not the lowest category, of room) are nicer than the standard rooms at the Four Seasons. The Spa bathrooms are quite an attraction. I was disappointed by the food, however, at both the breakfast place and the steak house, and found it and the bars better overall at the W. Although the W service, like all W's, was poor.
Thanks for the review of the Sheraton Atakoy, francophile. This is newly flagged (was it Crowne Plaza before?) and I was considering it for an upcoming stay when I land in the very early morning.
The Kempinski Ciragan is, IMHO, not an outstanding hotel in any sense! The food is abysmal and the rooms/suites are in no way comparable to the FS Bosphorus.
The Park Hyatt is beautifully designed and service is better than most PHs, but the food, as with all PHs in my experience, is nowhere near as good as FS. Its location is great for shopping, but there are no views at all, unless you stay on the top floor in one of the really big suites.
Les Ottomans is an eccentric little place, individually owned and managed. Decor is very over the top and service is friendly but untutored. Again, you cannot compare this to FS which is in a completely separate league.
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Just returned from a stay at the PH and have to say I was impressed. The room and bathroom were stunning and even though I was not in a suite I had a view of the Bospherus (admitedly from afar) from the sixth floor. The service was exemplary and almost on a par with the FS Sultanahment where I stayed last time. Preferred the rooms at the PH so it's really a tossup and depends on which area you prefer to stay in. I did visit the FS Bospherus and probably will try it next time I'm there.