There is a lot of weird things happening with hotel rates in Turkey in recent months, not only is it like they are all trying to make up for the appx 1.5 years of thin or no business, but as if they are trying to reset back to 2013-14 before Turkish hotel prices went off a cliff. Prior to 2013 in $ terms all segments of the Turkish hotel world (I am referring to IST, and major tourist destinations) were increasing by 10-20% a year and had been doing so for at least 5 years. There was a huge boom in hotel building that started in roughly 2010-2012 in all price points, and everything was "sunny". Then so may things happened................AIRBNB, overbuilt capacity at every price point and then a huge string of set backs.............Gezi Park, at least 143 terrorist incidents (including Reyna, Besiktas stadium, the Hippodrome, Istaklal Caddesi, the Ankara train station, Reina, the airport, etc etc), corruption scandals, an attempted military coup, several economic disasters (which in some cases helped tourism), and ultimately Covid 19.

Just take a look at Hilton properties in/around Istanbul and Turkey as an example.......... up until 2000 or so, there were maybe 3-4 in Istanbul and perhaps 9 in all of Turkey. Today? 28 in Istanbul, about 80 throughout Turkey. It is my understanding that after 2 years of terrible business, the last 5-6 months has been pretty good for the industry BUT it is also my understanding that beyond November or so things are going off a cliff. So we will see what happens.