Dec. 7 (Bloomberg) -- Rapid hotel development in Istanbul may create too many rooms and lead to investments that won’t pay off, said Timur Bayindir, head of the Turkish hotel association TUROB, according to Sabah newspaper.
More than 100,000 hotel rooms will be available for some 7 million annual tourists to Istanbul in 2011, Sabah said. There are currently 39 five-star and 27 four-star hotels under construction in the city, with the average room price per night at a five-star hotel reaching 300 euros, Sabah said.
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