why Turkish beach hotels are suddenly up for sale 07/02/2016

Back in November, a Russian military jet was shot down along the border between Turkey and Syria.

Russia did not take this lightly.

Shortly after, officials announced Russia would be suspending its visa-free travel agreement with Turkey.

Days later, Russian President Vladimir Putin approved a decree that would place wide-ranging sanctions on Turkish imports and services in Russia.

And now Turkey's tourism sector is feeling the effects.

About 1,300 hotels in Turkish beach resorts are now up for sale, according to a report by the Moscow Times. The combined value of the properties is about $13 billion.

Turkey has long been a major hotspot for Russian tourists. Last year, over 3 million tourists from Russia visited the country, making up about 15% of Turkey's foreign visitors.

So the absence of those tourists because of the rift between the two countries is a major hit to beach hotels.

"Abdurrahman Karamanlioglu, chairman of spa hotel Denizli Colossae Thermal, was quoted by [the Turkish newspaper] Today's Zaman as saying a number of hotels in resort towns were left on the brink of bankruptcy by the Russian boycott," the Moscow Times reported.

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