The iconic Mardan Palace has officially exited the Titanic hotel network after being acquired by Swandor Hotels, marking one of the largest transactions on Turkey’s hospitality market in recent years.
Swandor Hotels said the acquisition of a property of this scale and prestige will lead to a “redefinition of ultra-luxury resort tourism standards in Turkey and globally.” The group stressed that while the hotel’s distinctive architecture and decorative features will be preserved, service quality and guest spaces will be upgraded in line with modern luxury expectations.
Opened in 2009, Mardan Palace was originally conceived by Telman Ismailov, the former owner of Moscow’s Cherkizovsky Market. His company AST invested an estimated $1.4 billion in the construction of the resort. The hotel quickly gained worldwide attention for its extravagant design: 45 kilograms of pure gold and around 24,000 cubic metres of Italian marble were used in its décor, earning it the informal title of a “seven-star hotel.” To this day, it remains the most expensive hotel ever built in Turkey.
The resort complex covers approximately 180,000 square metres and stands out as the only property on Turkey’s Mediterranean coast not merely inspired by palace aesthetics, but constructed according to classical palace architecture principles.
Financial difficulties later overshadowed the project. Some contractors reportedly remained unpaid and took legal action, while in 2015 the hotel was transferred to Halkbank as part of debt settlements linked to the Ismailov family. For the bank, the hotel became a distressed asset, and in 2017, Mardan Palace stopped accepting bookings, with tour operators suspending sales.
In 2018, the property was leased for 20 years by the Titanic Hotels group. After a two-year closure, the resort reopened in April 2019 under the Titanic Mardan Palace brand, following a renovation investment of at least €20 million. During that period, all decorative elements featuring precious metals, noble marble, valuable wood species, and natural crystal were fully restored, alongside upgrades to the hotel’s infrastructure.
With Swandor Hotels now taking over, the Mardan Palace enters a new chapter, aiming to preserve its legendary opulence while repositioning itself for the next generation of ultra-luxury travellers in Turkey and beyond.
