Akfen REIT was established in 2006 through a change in trade registry name and a restructuring of Aksel Tourism Investments and Operations (Aksel), which was founded on June 25, 1997, into a real estate investment trust. Akfen REIT's core business is to invest in real estate-based capital markets instruments and to create and develop a real estate portfolio. Specialized in the development and construction of middle market hotel projects, Akfen REIT develops city hotel projects under Ibis Hotel and Novotel brands through a strategic cooperation with Accor, Europe's largest international hotel operator chain. Akfen REIT's hotels currently in operation include Ibis and Novotel in Istanbul; Ibis in Esenyurt; Ibis in Ankara; Ibis in Eskisehir; Novotel in Trabzon; Ibis and Novotel in Kayseri; Ibis and Novotel in Gaziantep; Ibis in Bursa; Ibis in Adana; Ibis in Izmir; Ibis in Yaroslavl, Russia; Ibis in Samara, Russia; Ibis in Kaliningrad, Russia, Ibis in Moscow, Russia, the five-star Merit Park Hotel in TRNC, Novotel in Karaköy and Ibis in Tuzla. The Company has a portfolio of 20 hotels in total.