HISTORY OF FSP TURIZM VE YATIRIM A.S.

FSP Turizm ve Yatirim A.S. (FSP) was incorporated on May 26, 1983.

FSP’s capital stock amounts to 18.000.000 TL, of which all shares are registered on private persones, excluding those of Hotels Sol International S.A. holding 20% of the shares. FSP has over 500 shareholders. The company is being managed by Yahya Kurt as the chairman of the executive committee since  its incorporation.

FSP has acquired the right of easement over the land of 240,000 square meters from the Ministry of Finance for a term of 49 years in 1984.

The objective of the company was to construct and manage a holiday complex consisting of a holiday village and three hotels at Çolakli, located at a distance of 55 km to Antalya and 8 kilometers to Side.

The construction of Kamelya World was commenced in the year 1984 with a loan support of 9,200,000 Euros from the Turkish Ministry of Tourism. Subsequently, International Finance Corporation (IFC) has facilitated an additional loan of 10,200,000 Euros and the resort has been completed with a total cost of 43,500,000 Euros.

Kamelya Holiday Village was placed into operation under the title Sol Kamelya Holiday Village on April 29, 1989. Subsequently, on July 10, 1990 Sol Fulya Hotel was placed into operation. The opening of Sol Selin Hotel was postponed due to the Gulf Crisis occurring in the year 1991 and the Hotel was placed into service on May 29, 1992 and thus the complex was placed in operation as a whole.

FSP has executed a revenue-rental contract with the Spanish Melia company on 24.06.1988 for the operation of the complex. Subsequently, this was converted into a fixed rental contract on 17.04.1997 and a franchising contract on 01.09.1998. As of 31.10.2001 the franchising contract has been terminated and the complex has taken the name Kamelya. Kamelya World has been managed by Sol Melia for 9 years and by FSP. Thereafter.

Kamelya Holiday Village has been renovated partially, and the hotels  Selin and Fulya  have been renovated completely.