Soho House Istanbul
The project consists of a private membership club, 87 room luxury lifestyle hotel, internationally acclaimed Cecconi’s restaurant, Cowshed spa, high street frontage with direct access restaurant and car parking facilities. The hotel, private membership club, Cecconi’s and Cowshed Spa are operated by Soho House Group Ltd.
BLG acquired a 100% interest in the company holding a 51-year leasehold with the U.S. Government for the Palazzo Corpi property. The project’s planning and permitting was completed in early 2013 and redevelopment works were completed in c. 24 months. The property began operations in March 2015.
In November 2014 BLG completed a 50% stake sale of the company to Dogus Group for €137 million enterprise value. The proceeds were utilized primarily for completion of construction works and the project opened with a debt free capital structure. Following completion of construction payments, outstanding liabilities and transaction costs, BLG made a distribution to investors in July 2015.