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Azerbaijan’s influential Aliyev family has reportedly acquired a 50% stake in the five-star Mandarin Oriental Bodrum resort in Mugla, Türkiye, via a €500 million ($585.82 million) investment made through Pasha Holding.
The transaction, carried out in partnership with Turkish real estate developer Astas Holding, was made through Pasha Holding—whose largest shareholders are reportedly Leyla and Arzu Aliyeva, daughters of Azerbaijan’s President Ilham Aliyev—linking the high-profile resort investment directly to the country’s ruling family.
The Mandarin Oriental Bodrum, situated in the coastal town of Bodrum in southwestern Türkiye, opened in July 2014 following a €650 million investment by Astas Holding.
With 132 accommodation units and ultra-luxury private villas, the resort has received more than 140 international awards, establishing itself as one of Europe’s top luxury destinations.
Pasha Holding finalized the acquisition after signing a joint venture agreement with Astas Holding Chairman Vedat Asci in 2023, according to the Turkish news outlet sozcu.com.
The Bodrum resort includes exclusive villas ranging in value from €8 million to €15 million, each featuring private swimming pools and premium amenities.
Operated by the Hong Kong-based Mandarin Oriental Hotel Group, the development also includes residential units under the “Residences at Mandarin Oriental” brand.
Astas Holding began construction on the project in 2011 after acquiring the land in 2010.
The company was originally established in Germany by Vedat Asci to facilitate international trade and later became a major investor in Türkiye’s tourism and real estate sectors.
Following the partnership, Astas Chairman Vedat Asci stated that the collaboration with Pasha Holding would add long-term value to both Bodrum and Türkiye.
He emphasized that the project played a role in elevating Bodrum’s status among global luxury travel destinations and expressed confidence that the joint venture would benefit the broader tourism industry.
Pasha Holding is one of the most prominent business groups in Azerbaijan, with significant operations in banking, real estate, and tourism.
The group also owns the landmark Absheron Hotel in Baku and controls an estimated 33% of Azerbaijan’s banking sector.
Through its financial arm, Pasha Bank, the group has expanded into neighboring Georgia and entered the Turkish market in 2013.
As of December 2021, Pasha Holding’s total assets stood at 15.5 billion Azerbaijani manat, equivalent to roughly $9.5 billion.
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