nacho, what do you think the tear round capacity is for an average 4 or 5 star Istanbul hotel? The last 2 years have been really great at over 80%, this of course is skewed by seasons. That means that on average 20% of Istanbul hotels rooms go unused, which means ZERO revenue, for those rooms, and yes the last 2 years or so rates in Istanbul have been good (for the hotels), but there was also a time not very long ago (non Covid) where IST capacity was running under 30%, Many of the top properties could also be had for under $100, and multi property owners were closing a third of their properties, and furloughing half their staff. All you need is 2 terrorist bombings in a period of lets say 2 months to put a real dent into incoming tourist numbers. No one builds a 500 room property at an airport location unless they have deals with the main airline at that airport. What you pay for a room at a "Western hotel" means nothing, If that is the advertised rate, I can tell you that locally it can be had for $70 and anyone booking large blocks can be getting it for $50, if I asked that proverbial hotel for a thousand room nights (or more) and GUARANTEED a minimum I would pay far less than that. This isn't just Turkey but everywhere, the Turkish twist is how much they can use such contracts to obtain local financing.As a hint the massive 5* tourist hotels in Antalya, are known to presell tens if not hundreds of thousands of room night as soon as they get their authorizations to large British, German and Dutch tour operators for as little as 15 Euros a night.