Collapsing industry: 1,300 hotels in Turkey go on saleStaff writer ▼ | February 2, 2016
Some 1,300 hotels have been put up for sale in various Turkish resorts, Turkish media reported.
Tourism in Turkey Turkey is facing a shortfall of tourists
Turkey is facing a shortfall of nearly 4.5 million Russian tourists this year, causing Turkey's tourism industry to miss out on some $4.5 billion in lost revenues, according to Aegean Touristic Enterprises and Lodging Association (ETHICS) Chairman Mehmet Isler, as quoted by the newspaper.
European tourists, mainly from Germany, have changed their preferences to Greek resorts, he added, citing the "propaganda" of the recent terrorist attacks in Turkey as covered by the European media as the reason for this trend.
A large number of hotels and companies operating in the tourist sector face mounting debt problems, with the fallout from the Russian Su-24 incident driving hotel owners to sell their property, real estate agent Ismail Ozer said, according to the report. ■