Morgans Hotel Group reached an agreement that will pave the way for a Mondrian hotel to open in Istanbul in 2014.
The 128-room hotel, which will be developed by the Bella Group and managed by Morgans, will be located in Istanbul's Old City and will include a spa built out of a renovated Turkish bath.
The hotel will include restaurants and lounges operated by the Light Group, of which Morgans acquired a 90% stake for $46.5 million last month.
Morgans will invest about $10 million in the Istanbul property and will own 20% of the hotel.
Morgans earlier this year reached management agreements for Mondrian hotels in London, Qatar and the Bahamas.
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