Telman Ismayilov Wants to Save Mardan Palace

A native of Azerbaijan, the richest representative of the community of Mountain Jews Telman Ismayilov was able to avoid the loss of the Mardan Palace belonging to him in Antalya.

Due to the multi-million dollar debt the Turkish bailiffs were going to put the hotel up for sale, the website Gursesintour.com reported. According to the publication, at the last moment Ismayilov was able to negotiate with the Turkish bank Khalk Bankasi for the debt restructuring. The businessman has pledged to pay $ 100 million over the next 4 years.

The Mardan Palace was opened on 23 May 2009, on the day when the businessman’s father Mardan Ismayilov, after whom the hotel is named, would have been one hundred years old.

In the construction of this hotel, which is considered one of the most luxurious in the world, he invested from $ 500 million to $ 700 million dollars, according to different estimations.

According to unofficial data, besides the Turkish bank, Telman Ismayilov took a credit for the construction also from the International Bank of Azerbaijan.

In 2010, Mustafa Akaydin, Mayor of Antalya started checking the legality of issuing permits for construction of the hotel.

According to the Turkish press, the luxury hotel was not as profitable as Ismayilov expected and did not return the huge funds invested in it. -02D-