Akfen REIT, being the first and unique Real Estate Investment Trust focused on “City Hotels” concept, continues its investments in Turkey and in Russia. Akfen signed a strategic partnership agreement in 2005 with Accor which is one of the leading hotel management companies in the world. Within the bounds of this agreement Akfen REIT and Accor Group have joined their forces in a partnership to develop hotel projects in Turkey and in Russia under the brand of Ibis and Novotel. Akfen REIT is obtaining rent income in long term basis, rather than hotel management, by renting through long term rent agreements to Accor, the hotels which it develops the projects and constructs. Akfen REIT has in its portfolio , 12 hotels in total as 2 in Istanbul, 1 in Trabzon, 1 in Eskişehir, 2 in Kayseri, 2 in Gaziantep, 1 in Bursa, 1 in Kyrenia and 2 in Russia Yaroslavl and Samara . Seven hotel investments in Istanbul-Esenyurt, Adana, Izmir, Ankara, Istanbul Karaköy in Turkey, Kaliningrad and Moscow in Russia are in process.