Ahmet Serdar Körükçü, Chairman of Dorak Holding, announced the company's intention to use proceeds from the initial public offering (IPO) to acquire a chain of 10 hotels, 4 of which are located in Türkiye.
With a portfolio that includes a diverse range of brands from jewelry to ceramics, textiles to food and beverage, and mining, Dorak Holding continues to grow through new investments. The company closed the year 2023 with a turnover of approximately $700 million and aims for a $1 billion turnover this year. Additionally, it provides employment for 4,000 people across its 65 companies, including 500 positions abroad.
Aiming to welcome 600,000 tourists to Türkiye in 2024, the group continues to invest both in the region and in potential areas across various provinces of Türkiye.
Under the umbrella of 'Dorak Global', the company boasts offices in 23 countries including key markets in Asia/Far East, the USA, Russia, Latin America, UAE, Europe, and the Balkans, providing employment opportunities for over 500 people overseas. Körükçü stated, "Apart from our own hotels, we work with 500 hotels," highlighting the breadth of Dorak's hospitality operations.
Investments in Nevşehir
As a company based in Nevşehir, Körükçü noted that most of their investments are focused in Cappadocia. "We opened the luxury rock hotel Sacred Mansion in Cappadocia. We brought the world's first Dinner in The Sky to Cappadocia. We are opening the Takesushi Restaurant in Ürgüp, featuring world-renowned Japanese chef Hiroki Tekamura. This year, we launched Cappadocia's first nightclub, Flue Club, which will feature famous acts. We are also preparing to introduce the Marriot Hotel Cappadocia to our visitors in July 2024," he said.
Körükçü also mentioned that the group's investments have expanded beyond the region, including a total of 12 hotels, two in Istanbul, one in Kuşadası, and the rest in Cappadocia. "We have investments in balloon tourism in Cappadocia. We will also bring a theme park to the region, featuring a 20,000 square meter aquarium carved into rocks, similar to one we saw in Canada. We believe this aquarium will attract significant interest. In Istanbul, we operate the first hotel under Hilton's Curio Collection brand, Hagia Sofia Mansions, for 25 years. Additionally, we have an ongoing hotel project in Pamukkale set to open in 2025 and plans for a 300-room hotel in Bodrum."
"Acquiring a chain of 10 hotels"
Ahmet Serdar Körükçü also spoke about expanding the Sur Balık brand, Türkiye's first and only fish chain, with a new branch in Dubai and plans for New York and London in 2025. "We are planning investments abroad with Japanese and Taiwanese partners. Initially, we will acquire a chain with 10 hotels, including 4 in Türkiye and others in Spain, Italy, Germany, Prague, Croatia, and Austria. We aim for our new investments to increase our turnover by 20%," he shared.
The group is also focusing on an IPO. Körükçü mentioned, "We have a wide range of business areas. We will go public with our restaurants, balloon operations, hotels, and stores. We will be the first company in these sectors to go public. We are nearing the end of preparations."
Körükçü discussed using the IPO funds for hotel acquisitions in Europe and Asia. "If we complete our preparations, we will go public with our shares in May or June. Our guest potential is primarily foreign, accounting for 90% from all five continents, which means bringing foreign currency to Türkiye. Being a tourism company contributes to the Turkish economy. Through the IPO, we aim to make our investors happy in the long term and become a significant player in the dividend index."
