Court upholds $80m Hotel Les Ottomans sale

A Turkish court has rejected an appeal against the foreclosure sale of one of Istanbul 's most prestigious hotels, Hotel Les Ottomans , confirming its transfer to businessman Serdar Bilgili.

The Istanbul 9th ​​Enforcement Court ruled on case file 2025/307 E., dismissing the “annulment of auction” request filed by Unit Investments NV, a Dutch -based company owned by the hotel's former proprietor, Ünal Aysal . The court not only denied the claim but also ordered the plaintiff to pay 5% in damages for filing a baseless lawsuit.

Hotel Les Ottomans was sold on 30 June 2025 in a foreclosure auction for 3.2 billion TL (around $80 million) to BLG Asset Management Inc. , a company affiliated with Serdar Bilgili. The winning bid was nearly 4.5 times higher than the auction's starting price.

Aysal had previously argued that the hotel's true market value was around $178–180 million, claiming the property was being transferred at a price far below its worth. However, with the court's rejection, these objections were deemed legally unfounded.

Following the auction , BLG Asset Management stated: “Despite the debtor's unfounded claims, the process was successfully completed. Our company will continue to contribute to the national economy and manage its portfolio effectively.”

Background

Before the sale, Unit Group Chairman Ünal Aysal described the process as a “ seize operation ”, alleging the auction price severely undervalued the Bosphorus mansion. "According to reports from our independent appraisal boards, the property's market value is around $178–180 million. Even ordinary old waterfront mansions are sold for $150 million. This is a newly renovated property. For a place worth $180 million to be auctioned for only $35–50 million is nothing but a takeover operation," Aysal said at the time.

The ruling effectively secures the controversial sale, closing a high-profile chapter in the fate of the Bosphorus landmark.