The company will run the hotel on behalf of Turkey’s Zorlu Holding, a group active in several businesses including construction, energy and white goods.

Raffles aims to finalize the $175 million worth investment by end of the next year.

“Before coming to Turkey under its own brand, Raffles was present in Turkey as it was managing the Swissotel [in Istanbul],” he said. John Johnston, general manager of the company said during a press meeting in Istanbul to make the investment project public.

“Zorlu will invest $175 million for the hotel and Raffles will manage to the hotel,” Johnston said.

The planned facility is to employ 300 people, according to the general manager.

Raffles is owned by FRHI Holdings, a global hotel company with 98 hotels and resorts worldwide under the Raffles, Fairmont and Swissotel brands.

The company runs facilities in Singapore, Kampuchea, China, United Arab Emirates, Saudi Arabia, the Seychelles and Paris.

“We also aim to expand and open hotels in Maldives, Indonesia, Philippines and China the coming two years,” said Johnston.

“Raffles Hotels generally are the most expensive and highest quality hotels in its whereabouts,” he added.

Speaking at the meeting, Zorlu chairman Ahmet Zorlu said his company targeted to add a premium hotel brand to its Zorlu Center.

“We are happy to bring Raffles to Istanbul and Turkey for the first time” he added.

The land that the hotel is being constructed on was acquired by Zorlu during a privatization process in 2007.