Following the COVID-19 pandemic’s deleterious global effect, millions of businesses are now facing massive impact, from the top down.
After a series of close calls with the Setai Miami and Sunset Tower LA, Turkish business mogul, Baran Süzer, Vice Chairman of the Süzer Group, has undergone another loss as he was obliged to forfeit a deal where he would have acquired the world-famous Delano South Beach Hotel.
With the onset of the Coronavirus and the ensuing devastating impact on the tourism business, Suzer was forced to surrender his soft deposit on the Delano, despite signing a term sheet with the intention to close in March of 2020. This deal would have given Suzer majority ownership of the Delano, adding another prestigious hotel to Suzer’s impressive ownership roster, which includes Ritz-Carlton, Istanbul. If the deal went through, the hospitality and nightlife powerhouse SBE Group would have held a minority percentage as well as managed and operated the hotel.
While each country grapples with the challenges of re-opening their countries and economies again, this news about the Suzer Group’s deal falling through comes as no surprise, especially to the tourism industry. The Suzer Group’s ascent into the top tier of the tourism industry, via real estate investment, has been a long time coming as they’ve attempted additional deals in New York, London, and Miami.
However, it seems likely that the group will have to wait a little longer to find that perfect opportunity.
Perhaps third time’s a charm.