15 Employees, a $100 Million Construction, and Unexpected Profit: 5 Surprising Facts from a Hospitality Giant’s Report
Behind the cold figures and dense footnotes of corporate activity reports rarely lie exciting stories. Yet sometimes, the strategies, legal battles, and financial sagas that shape an entire company’s future are hidden between those very lines.
The latest annual report from Marmaris Altınyunus (MAALT)—a Koç Group company—tells exactly such a story. Centered around the massive reconstruction of the Divan Talya Hotel in Antalya, it paints the picture of a company in the midst of a fascinating transformation.
Here are five surprising insights from the report that reveal much more than what’s written in the balance sheet.
1. How Does a “Hospitality Giant” Operate with Only 15 Employees?
One of the most striking details in the report is that, as of September 30, 2025, the company has only 15 employees. It raises the question: how can a tourism company owned by one of Turkey’s largest conglomerates operate with such a small team?
The answer lies in MAALT’s current business model.
There are two main reasons:
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One of its key assets, the Mares Hotel in Marmaris, is leased under a long-term agreement to another operator—MP Hotel Management Turizm İnşaat Yatırım A.Ş.—so MAALT is not involved in its daily operations.
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Its other major asset, the Divan Talya Hotel in Antalya, is not yet operational—it’s currently a massive construction site.
In short, Marmaris Altınyunus is functioning not as a traditional hotel operator, but more like a project management and asset holding company. This lean structure explains why its operating expenses are so low and why its profitability comes not from hospitality operations but from financial management.
2. Legal Battles and a 7-Month Delay: The Dramatic Story of a $100 Million Project
The reconstruction of the Divan Talya Hotel is one of the region’s most ambitious tourism projects. However, the process hit a major roadblock: a lawsuit filed by a local resident challenging the zoning plans forced construction to halt for nearly seven months.
This legal battle, which went through several court stages, had a significant impact on the project timeline.
The turning point came when the involved municipalities and the company won their appeal at the Konya Regional Administrative Court. When the construction permit was reinstated on February 28, 2025, work on the site resumed.
However, the delay—combined with changing economic conditions—pushed the project’s cost higher. The board revised the total investment budget from USD 80,000,000 + VAT to USD 100,000,000 + VAT.
As of the report date, approximately 63% of the project had been completed, with a targeted opening date in the second quarter of 2026.
3. No Operating Hotel, Yet Profitable: The Secret Behind the Financials
The company’s financial results reveal perhaps the most surprising truth: MAALT posted a net profit of 14,835,331 TL in the first nine months of 2025—an impressive turnaround after a loss of 191,957,954 TL in the same period the previous year.
But how does a company with no active hotel operations make a profit?
The answer lies not in its operations but in its financial management.
According to the income statement, the company’s core activities resulted in an operating loss of 11,016,243 TL due to general administrative expenses.
The real source of profit wasn’t hotel room sales, but financial income—primarily interest earned on large cash holdings.
These financial revenues, totaling about 121.5 million TL, more than offset both the 11 million TL operating loss and the 95.8 million TL “monetary loss” resulting from inflation accounting.
This shows that MAALT’s profitability currently stems from treasury management skills, not from hospitality operations.
4. Tenant Filed for Bankruptcy Protection—but the Rent Was Already Paid Through 2035
The report notes that MP Hotel Management Turizm İnşaat Yatırım A.Ş., the tenant operating the Mares Hotel, has applied for concordato (a form of bankruptcy protection/restructuring). At first glance, this might seem alarming for MAALT.
However, thanks to a strategic move made years earlier, the financial impact is minimal.
In 2018, MAALT collected the entire rent for the lease term ending May 1, 2035, in advance.
This foresighted decision protected the company from any future default risk—like today’s concordato situation—making it a textbook case of long-term risk management.
The report clearly states:
“Our tenant MP Hotel’s operations at Mares Hotel continue, and the rent has been collected in advance as per the lease agreement.”
This example underscores how crucial proactive risk management can be as a strategic tool.
5. The Project Expanded—and Financing Came from Koç Holding
As the investment budget grew to $100 million, the question arose: how will it be financed?
The answer highlights Koç Holding’s confidence in the project.
The company devised a two-phase financing plan:
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The main funding source will be a capital increase through a private placement, in which Koç Holding A.Ş., the main shareholder, will inject around 1.6 billion TL in fresh equity.
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For the remaining financing need, the company obtained approval from the Capital Markets Board to issue bonds or commercial papers up to 400 million TL.
Koç Holding’s direct and large-scale financial support underscores the strategic importance the group places on the Divan Talya project, one of its flagship ventures.
Conclusion: The Vision Behind the Construction Dust
The Marmaris Altınyunus activity report shows a company in deep transition.
While managing legal challenges and complex financial structures, it is simultaneously executing one of the region’s most significant tourism investments.
Right now, MAALT resembles a hospitality giant with the patience of a construction company and the financial acumen of an investment fund.
The real question is:
When the dust settles in 2026, will this $100 million investment bear fruit and reestablish Divan Talya as one of the icons of Turkish luxury tourism?