Aliyev's daughters bought 50% of the luxury hotel in Bodrum

Azerbaijan’s powerful Pasha Holding, which controls roughly one-third of the country’s banking sector, has made a significant investment of €500 million to acquire a 50% stake in the Mandarin Oriental Bodrum, one of Türkiye’s most luxurious resort hotels. The holding company is allegedly linked to the daughters of Azerbaijani President Ilham Aliyev, Leyla and Arzu Aliyeva, who are believed to be silent partners in the firm.

Originally developed by Astaş Holding with an investment of €650 million, the Mandarin Oriental Bodrum opened in 2014 as the first Turkish outpost of the prestigious Asian luxury hotel brand. The resort boasts 132 accommodation units, and over the years, it has received more than 140 international awards, including recognition as one of the best luxury resorts in Europe and the world.

According to a report by Yaşar Anter from Sözcü, Astaş Holding Chairman Vedat Aşcı and Pasha Holding CEO Jalal Gasimov signed the partnership agreement last year. As part of the deal, the Azerbaijani group acquired 50% ownership of the hotel, with the reported investment figure reaching half a billion euros.

In a statement following the partnership, Aşcı expressed pride in the success of the project:

“We are proud to be the investors behind such a successful development. Our contributions have helped elevate Bodrum into the ranks of global jet-set destinations. We believe our partnership with Pasha Holding will bring great value not only to us, but also to Türkiye and Bodrum.”

Though no official corporate ties have been made public, documents reportedly show that Pasha Holding’s main shareholders include President Aliyev’s daughters. The group is also known for owning the iconic Absheron Hotel in Baku and holding a dominant 33% share of Azerbaijan’s banking market. The Paşayev family, to which Aliyev’s wife Mehriban Aliyeva belongs, is widely recognized as one of the country’s most influential families.

Pasha Holding entered the Turkish market in 2013 through Pasha Bank, following its regional expansion into Georgia. As of December 2021, the holding's assets were reported to exceed 15.5 billion Azerbaijani Manat (approximately $9.5 billion).

The Mandarin Oriental Bodrum project includes ultra-luxury private villas with private pools, priced between €8 million and €15 million. The resort is located in Cennet Koyu, one of Bodrum’s most exclusive bays, and operates under both the Mandarin Oriental and The Residences at Mandarin Oriental brands. The project was initiated in September 2011 and officially opened on July 7, 2014.

Astaş Holding itself was founded in Germany by Vedat Aşcı to engage in international trade and investment, with the Bodrum resort standing as one of its most prominent hospitality ventures.