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2011

Invest Report



1

Table of Contents

Introduction ......................................................................................... 2

Chapter 1 Why to invest in the area Turkey ............................................. 4

Chapter 2 Advantages and disadvantages of the country ........................... 5

Chapter 3 Infrastructure in Turkey .......................................................... 6

Chapter 4 The reasons for opening an All-in-one-Report ............................ 7

Chapter 5 Expenses and revenue ............................................................ 9

Chapter 6 Conclusion .......................................................................... 15

Chapter 7 Recommendation ................................................................. 16Bibliography....................................................................................….17

Daily logs .......................................................................................... 18



2

Introduction

The following events have led up to the need of this report. This report wasrequired by Ms. Mos to help her find a sound project to invest an amount of

$3 million in. In order to be profitable there is searched for a currentavailable project, after that the decision felt upon to open an „All- in-one-Resort‟ which is according to our research findings a profitable project toinvest in. The country that is chosen is Turkey and the city of Istanbul.

The topic of this report is to show the findings of our research which provethat this is a profitable investment proposal. So the goal of this research isto investigate whether it will be feasible to start an ''All in One Resort'' inIstanbul, in order to make profit.

The following items are the aims of the report:

- To let the reader know how much is going to be spend to start thebusiness and how the business is going to be run. - To analyse if the business is possible to be run and how is it going to berun in the future.

The research methods that are used: internet relatives/friends articles/publications market research

The following themes will be discussed in the report:The background of Istanbul, the aim of this part is to give more knowledgeabout the city which is chosen to invest in. It gives general informationabout the culture in the city, like the religion, population and the location of the city.

The Financial part of the report is probably the most important one. This isactually what the whole investment is about. In this part the followingquestions will be discussed: „What are the costs for specific expenses?‟,

„What will be earned by sponsors?‟ There will be included a nice overview of the cash-flows.

The infrastructure: Also an important issue, because this is actually the „way‟

to get in Istanbul. „How is the traffic in Istanbul?‟ and „What kind of transportations are there to reach the city for people who are not living inIstanbul?



3

This report will further include the advantages and disadvantages of thecountry, the reason for opening an All-in-one-resort and further you can findthe conclusion and recommendations and based on these findings there isalso provided a bibliography.



4

1. Why to invest in the area Istanbul?

Why to invest in the area Istanbul is a good question, for this question thereare some data collected.

Background of turkey

Istanbul, historically known as Byzantium and Constantinople is the largestcity in Turkey. It is Europe‟s most populous city, located in the north-westpart of Turkey. The city covers 27 districts of the Istanbul province. It is thesecond largest city proper in the world with a population of 13 millioninhabitants. Istanbul has an area of 5712 Km2, it bigger than Beneluxcountries. Istanbul lies on the border between Asia and Europe which isdivided by a stretch of water. One part of Istanbul is in Europe while theother part of Istanbul is Asian. In the European section lives roughly 70% of

the population and around 30% lives in the Asian section. There are main 2bridges that connect Asian Istanbul to European Istanbul called „The FaithSultan‟ and „The Bosporus Bridge‟

There are many reasons for investing in Istanbul. First of all Istanbul is agreat place to invest. Today it has become Turkey‟s most important tourism,trade and industrial city. The city was also chosen as joint European Capitalof Culture for 2010 by the European Union. Istanbul belongs to one of therichest and most beautiful cities in historical background. It is also a megacity and Turkey‟ s cultural and financial centre where the majority of businesstakes place with the largest sea port in Istanbul. The city is also the world‟s

only metropolis.

Whether you‟re looking for a nice holiday place, investment or both, Istanbulis the place for it. Due to this project, the tourists that will visit the resortcan expect to have things to do all year round.



5

2. Advantages and disadvantages of the country

The main reason for choosing for Turkey is the fast growing economy of thecountry. Turkey has become Europe‟s second fastest growing economy afterChina with recently announced 11.7 percent growth rate in 2010. Thesecond issue is the strong growing tourism sector that looks set to continueto grow. Turkey has stunning beaches and a climate that far surpasses manyof Europe‟s most popular holiday destinations. Over 25 million tourists visitTurkey each year. After these issues there is started a research about thecountry. During the research some very interesting and useful information

about Turkey is found.

First of all Turkey is not a member state of Europe, it is a part of Central

Asia but it wants to become a member state of the European Union.The second issue what is mentioned before is the fast growing economy inTurkey. One of the reasons of the growing economy is that Turkey is thesecond-lowest taxed country. The third issue is the low cost of doingbusiness. This includes low labor cost and low corporate cost which makes itvery persuasive for the investors to make more profit.

There are a lot of advantages mentioned. However, there are alsodisadvantages of the country discovered. The disadvantages are more orless expected issues of a developing country. One of the most important

issues is the political environment since Turkey undergoes highly frombureaucracy and corruption. The second issue is the system, there are noeffective regulations to protect a business in the begin stages.The third issue is the world economy. A decrease in inflation will affect thedecision of the investors. It is very important that the world economy growsor at least stays the same.



6

3. Infrastructure in Istanbul

Istanbul is the largest city in Turkey and second largest city proper in theworld with a population of 13 million. Istanbul is also the largestmetropolitan city proper in Europe and the second largest metropolitan areain Europe by population. The city of Istanbul had been built with airport,harbour, train stations and road.

The transport system in Istanbul is first class which is very convenient to getto Istanbul. There are two airports in Istanbul making it easy for the visitor.One is Istanbul Ataturk Airport, and another one is the Sabiha GokcenAirport. The airport offers international flight, so people could start travellingfrom anywhere from the world to Istanbul. When people arrived by plane,there will be extra offers from the service companies, such as taxi service,and hotel service.The city of Istanbul is also equipped with harbours, which means that, theflying to Istanbul is not the only way to get there, people could also get toIstanbul by ship. And since Istanbul had covered over 25 districts in Turkey,the train transportation is so powerful that there are several train stations inIstanbul. With train, it makes the tour through Istanbul much more fun andconvenient.

How does Istanbul handle the travelling of the tourists inside Istanbul? It isnot hard at all, because the city have almost every kind of transportationswhich makes it easy to travel from one place to another place.

To get around in Istanbul, bus is the main public transportation mean inIstanbul. It is cheap and frequent. The city bus is best use for the majorsight seen and longer trips in and out of the city. The IETT is owned by thegovernment, also there are some buses owned by the private owners.

The ferryboat had been counted as one of the most enjoyable way to travelin Istanbul. There are many kinds of ships people could choose from. Peoplecould enjoy their tea with good sunshine and floating on the beautiful sea.

Beside that there are other alternatives as subway and taxi offered inIstanbul. You can also rent a car and hire a driver and guide.



7

4. The Reasons for opening an all-in-one resort

1. Tourism Advantages

2. Transportation Advantages

3. Cultural Advantages

4. Competition

5. Demand

First of all, there are tourism advantages. As everyone knows, Istanbul isone of the most important tourism cities in the world. The population of thetourism in Istanbul is around 20 million people. It is obvious that tourismhad become one of the most important parts of the economic. Istanbul hasan international Airport in Ataturk which serves as a major gateway forflying in and out of the city. There are also other transport means that cantake you round the city when you visit. Shopping in Istanbul is part of thetourism affair. There are a lot of shopping malls to visit. There, you are sureof purchasing vital items you need in order to make your tour a memorableone. Hotels, restaurant and entertainment are everywhere. They are well

constructed and had been operating for a long time.As expected, Istanbul will keep on attract the tourism to visit and enjoy theirtime over here and enjoy the good time with the infrastructure here.

After the Tourism Advantages there is the transportation in Istanbul. Thereare city bus, ferryboats, taxi, metro and underground. The city bus is thebest use for the major sight seen and longer trips in and out of the city. TheIETT is owned by the government, also there are some buses owned by theprivate owners. The ferry boat had been counted as one of the mostenjoyable way to travel in Istanbul. There are many kinds of ship peoplecould choose from. People could enjoy their tea with good sunshine andfloating on the beautiful sea.

No doubt that the travelling is very convenience, people could reachanywhere they want by the public transportations. Istanbul is a travellingcity mainly registered as the shopping and city travelling place, people justmay not spend so much time and money on the hotel, restaurant andresting places.



8

Also there are the cultural advantages in Istanbul. Turkish culture hasundergone profound changes over the last century. Today, Turkey may bethe only country that contains every extreme of Eastern and Westernculture. Upon the fall of the empire after World War I the Turkish Republicadapted a unitary approach, which forced all the different cultures with its

borders to mix with each other with the aim of producing “Turkish‟ nationaland cultural identity. This mixing, instead of producing culturalhomogenization, instead in many shades of grey as the traditional Muslimcultures of Anatolia collided with the cosmopolitan modernity of Istanbul andthe wider west.

As Istanbul had gathered so many cultural around the world, the localpeople would easily adapt the performance of the tourists. The culturaladvantages will help Istanbul to be a better city.

The competition between the similar resorts are greater than ever before.

Istanbul has more than 430 hotels in the city, even more restaurants butthere are fewer casinos in the city. So, if all these put together, hotel,restaurant and casino put together, in that way, people could save up alarge amount of time and could also gave them a good rest in the resort.

In the end there is the demand of the all-in-one resort would be great. Notonly the travelers would need the all-in-one resort but also the local peoplemight need it too. One reason for this is that, the all-in-one resort will nottake much to live in and could enjoy the spare time there. For the travelers,the resort could help them to solve the living and the eating problem, sothat they don‟t need to wonder around in the different hotels and

restaurants, at the same time, the casino and pool could help them to spendtheir spare time in the resort. For the local people, the resort could helpthem to spend their holidays there, have a good rest and have a great mealat a very low price compare to other hotels and restaurants in the city.

There are good restaurants, good hotels and good casino or other joyfulplaces in Istanbul. But since there are a lot of hotels in Istanbul there ischosen for a resort. Mostly the tourists who visit Turkey are families withchildren thus it is easy for them to be at one place where they have all theactivities, by this they save money and time which can be seen as animportant advantage of having all in one resort. You will also save some

travel time each morning, since you won't have to fight traffic and drive toanother destination for example going to a casino, this way you do not haveto pay for taxi and the time that you travel, you can use for other things.Furthermore it could also help the local people to have great rest duringtheir free time and make sure they will have a great tour the next day.



9

5. Expenses and Revenue

This is an overview of the cash-flow, later on you can find an explanation of all these costs.

Sheet1

A B C D F G I J

1 Investment expenses Capital Monthly expenses Revenue

division

2 LABEL € € LABEL LABEL € LABEL %

3 ..Building

€1,250,000.00

€3,000,000.

00 Start....Employeesalaries € 151,200.00 ..Hotel 50.00%

4 ..Lot plan € 42.00

€1,750,000.

00

..Maintenan

ce € 2,500.00 ..Casino 40.00%

5

..Road datum

document € 50.00

€1,749,958.

00 ..Utility bills € 8,000.00

..Restaur

ant 10.00%

6 ..Inspector € 6,200.00

€

1,749,908.

00

..Food and

beverages € 1,500.00 TOTAL 100.00

%

7

..Approval

drawings € 1,600.00

€1,743,708.

00 ..Other € 850.00

8

..Approval Fire

Department € 780.00

€1,742,108.

00 TOTAL € 164,050.00

9

..Contractor

registration form € 254.00

€1,741,328.

00

TOTAL per

day € 5,858.93

10

..Project approval

CDD € 18.00

€1,741,074.

00

11

..Proof of

paymentwater,clearance € 820.00

€

1,741,056.00

12 ..Building permit € 2,300.00

€1,740,236.

00 Price per room

13

..Occupancypermit € 916.00

€1,737,936.

00 LABEL VAR



10

14

..Developmentcosts

€144,700.00

€1,737,020.

00..Weeks Of Rental rate 0.22

15

..Contractioncosts

€500,000.00

€

1,592,320.00

..Required

percentage of revenue 50.00%

16 ..FF&E costs

€

104,000.00

€1,092,320.

00

..Required

revenue (5y)

€

6,167,790.00

17 TOTAL

€

2,011,680

.00

€

988,320.00

Endin

g..

..Requiredrevenue (per

day) € 3,379.61

18..Roomsavailable 75

19

..Required

revenue (perroom) € 204.82

20 Marketing expenses Capital

Price per

room pernight € 204.82

21 LABEL € € LABEL

22

..Televisioncommercial

€

500,000.00

€

988,320.00 Start..

23

..Radioadvertisement

(Turkey)

€15,000.0

0

€488,320.0

0 Casino revenue

24

..Website

development

€

5,000.00

€473,320.0

0 LABEL VAR

25

..Websiteregistration € 500.00

€468,320.0

0

..Requiredpercentage of revenue 40.00%

26 TOTAL

€

520,50

0.00

€467,820.0

0Ending.

...Requiredrevenue (5y)

€4,949,940.00

27

..Requiredrevenue (per

day) € 2,712.30

28

Casino

revenue per

day € 2,712.30

29 Income Investment

return

30 LABEL € € LABEL

31 ..Hotel revenue € € Return Restaurant revenue



11

94,629.11

42,227.05 oninvest

mentper

month.

.

32 ..Casino revenue

€75,944.2

8

€506,724.6

2

Returnon

invest

ment

p/y LABEL VAR

33..Restaurantrevenue

€53,950.9

7

€2,533,623

.10

Return

on

investment

per 5years..

..Required

percentage of revenue 10.00%

34 Expenses

€

1,443.10

Net

profitafter 5

years..

..Required

revenue (5y)

€

3,516,447.00

35 ..Employee salaries

€151,200.

00

..Requiredrevenue (perday) € 1,926.82

36 ..Maintenance€

2,500.00

Restaurantrevenue per

day € 1,926.82

37 ..Utility bills

€

8,000.00

38 ..Food andbeverages €1,500.00

39 ..Other€

1,000.00

40 Operating income

€60,324.3

6

41 ..Tax

€18,097.3

1

42 Net profit

€

42,227.

05



12

5.1 - Targeting group

The first and most important topic that has to be cleared before determiningall costs and the price per room for the all-in-one-resort is the targeting

group. In this case the targeting groups are locals with a high income andtourists who are planning to enjoy a luxurious and glamorous stay inIstanbul for a longer period of time. This places the all-in-one resort in ahigh-segment, allowing for a high price while always having to keep in mindthe need to provide a high quality service to its customers. Although a highprice will generate more revenue, continuously maximizing customersatisfaction will increase investment expenses as well as monthly expenses.

5.2 - Starting the resort

The costs of starting the resort will consist out of both investment expensesand marketing expenses. The investment expenses will be far higher thanthe marketing expenses, since this regards the actual construction of thesort. The marketing expenses will be used to generate name recognitionamongst tourists as well as locals. An overview of all expenses is statedbelow.

The building is by far the largest investment that will be made and amountsto almost 50% of the total startup expenses. However, the building can alsobe seen as an investment on its own rather than a pure expense. This is dueto the expected increase in real estate value in Turkey. This topic will befurther discussed in paragraph eight of this chapter.

As for the marketing expenses, there are three ways by which the all-in-oneresort will be promoted. A television commercial will be broadcasted on theTravel Channel which is available in multiple countries. This way touristsfrom all over the world can be made aware of the existence of the all-in-oneresort. To attract locals to the resort a radio commercial will be producedand broadcasted on the Turkish radio station Istanbul FM. A website will alsobe developed, which will feature an online booking system for customers touse. In addition the resort will be registered with various online booking

websites such as booking.com.The investor will be left with a 500.000 euro margin that can be used tocover unforeseen expenses or a setback in revenue within the first quarter.



13

5.3 - Monthly expenses

To assure an accurate estimate on the return on investment, targetrevenues must be set. The variable costs, in this case the monthly expenses,are a key component to the target revenue determination.

These expenses will first have to be covered before being able to get areturn on investment.

5.4 - Revenue division

Since the resort will be aiming at three main sources of income, a revenuedivision has to be made. This states the weight of each source regarding thereturn on investment. In this case the renting of rooms to customers will

amount to 50% of the revenue, meaning that in five years the renting of rooms will have contributed half of the profit as one source of income. Thecasino will amount to 40% and the restaurant will contribute 10% of theprofit.

5.5 - Revenue targets

With the revenue division made and all expenses calculated the revenuetargets can be set. Each source of income will use its revenue divisionpercentage, together with all expenses over a five year return on investmenttime span, to determine the revenue target per day. A revenue target perday allows for management to respond quicker to profit endangeringsituations and thus ensures the client of a more risk free investment.

5.6 - Price per room

Based on the total expenses and a return on investment time span of fiveyears, a price per room can be determined. The hotel will require 50% of thenecessary revenue to be earned by the renting of rooms. At a weeks of

rental rate of 0.22 (the hotel will only be fully booked 22% of the time) theprice per room will have to be 204.82 euro‟s excluding VAT, in order for theinvestor to break-even in five years. The high price per room per nightindicates that the hotel will indeed be targeted at people with a highincome.



14

5.7 - Return on investment

The information stated below is a summary showing that the investor willbreakeven in five years. All the information previously discussed in thischapter is combined and used to illustrate how the return on investment willbe achieved.

5.8 - Real estate development

As earlier stated, the building can be seen both as an expense as well as aninvestment. In this paragraph the development of Turkey as a country willbe directly linked to the real estate development. Therefore the estimates inthis paragraph can be seen as a guideline to whether or not the building will

increase in value. No prospect based on monetary value will be made sincethe prospect would simply be too inaccurate.

Turkey has shown an incredible rate of GDP growth over the past 8 yearswith exception to 2010 which was the only year in which the Turkish GDPexperienced a 4.7% decline. In 2010 rating agencies S&P and Moody‟s

raised their rating for Turkey from BBB to BB mainly due to the constantdecrease in public debt and positive outlook for 2011, meaning that Turkeyis now considered a safer investment. In 2011 the Turkish GDP is estimatedto grow 7.3%

Turkey is showing numerous signs of growth which will contribute to theincrease in value of real estate, especially real estate located in popularareas such as Istanbul. The building will thus hold its value if not increase invalue. This means no depreciation expenses will have to be embedding inthe budget and the building will most likely increase the net profit after fiveyears.



15

6. Conclusion

There can be drawn a conclusion in which the emphasis is on the financialpart. This part shows with different types of revenue that can be made, likeprice per room and casino on which we subtract the expenses, that therevenue gives a five year return of investment which is also made possibleby the huge economic growth of Turkey and the Real estate development inTurkey. The reasons to invest to open an All-in-one resort in Istanbul, whichare the tourism, transportation and cultural, are a big advantage for theinvestment and the infrastructure in and to Istanbul are willing to supportthe fact that it is an advantage, since there are a lot of ways of transportation in and to the city.



16

7. Recommendations

The findings and conclusions in this report support the followingrecommendations.

It is highly recommended that you should invest your $3 million into thisproject and to start investing in this project right now since there are moreadvantages then disadvantages. There are more investors that will chooseIstanbul as place to invest as a consequence there will be more competitionand the profit will decrease. It is highly recommended to start with theproject as soon as possible.

After the agreement on the investment, a contract has to be made andsigned by the client. The aim of the contract is to hold meeting with the

investment consultants and hold all contact necessary with them concerningthe investment and that everything within the contract is sound and safe foryou to sign.



17

Bibliography

“Istanbul Information.” Mydestinationinfo.com. 2011. Mydestinationinfo.10/03/11

<http://istanbul.mydestinationinfo.com/en>.

“Istanbul Information.” Iexplore.com. 2010. iExplore. 11/03/11

<http://www.iexplore.com/city_guide/Turkey/Istanbul/Information>.

“Resort Istanbul.” resortistanbul.com. 2008. Resort Istanbul. 10/03/11 <http://www.resortistanbul.com>.

“Travel and transport in Turkey.” Turkeytravelplanner.com. 2002. TurkeyTravel Planner. 09/04/11

<http://www.turkeytravelplanner.com/trans>

“Doing Business.” Doingbusiness.org. 2011. Doing Business.org. 07/05/11 <http://www.doingbusiness.org/data/exploreeconomies/turkey/dealing-with-licenses>

http://istanbul.mydestinationinfo.com/en%3e


http://www.iexplore.com/city_guide/Turkey/Istanbul/Information%3e


http://www.turkeytravelplanner.com/trans

http://www.doingbusiness.org/data/exploreeconomies/turkey/dealing-with-licenses




http://www.turkeytravelplanner.com/trans





18

Tammana Rahmani 0820841

Date Activity Signature

Sunday 6th March Search for several investment

opportunities to make a choice on thecountry of research.

Tammana

Monday 7th March Meeting to discuss the country andinvestment opportunity.

Tammana

Monday 14th March More research about the researchquestion.

Tammana

Friday 18th March Meeting to agree on the newinvestment opportunity and theresearch question.

Tammana

Sunday 8th May Divided the tasks and made Chapter 1.And prepared for the meeting with theclient.

Tammana

Wednesday 1st June Searched for information about thecountry and Chapter 1 and chapter 2.

Tammana

Monday 6th June I received from everybody their partand put everything in 1 document andafter all I made the cover and table of content.

Tammana

Tuesday 7th June Changed and finished the introductionand made the recommendation.

Read the whole report and checked thespelling and improved others part.

Tammana

Wednesday 8th June Read all the Chapters again andhand in the draft version

Tammana

Tuesday 14th June Meeting to see the notes made by theclient about the corrections.

Tammana

Thursday 16th June Send the report to the other groupmates and finally hand in the finalversion.

Tammana

I liked to work on this report, also because I learned a lot about the country andthe investment plan. Unfortunately I could not always work as I had planned.Sometimes it was pretty annoying to work with the group because if they were late,I had to call theme to send their work. Furthermore what I could improve for thenext time is to choose a own group and to be honest I don‟t like to work withChinese people.



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Minutes of the Meetings

First group meeting on Monday 7th of March Attendance: Tammana, Marc and Cevat was presentTime: from 11:30 am to 12:30 pm

Reason: To discuss the country and investment opportunity to choose from.

During the class we discussed about the country where we invest money in.Cevat came with the idea to invest in Turkey and all the other group matesagreed on it. We were not sure about which city to choose, we looked for asuitable city and agreed on that Istanbul would be the best place to invest.The reason why we choose for Istanbul is because Istanbul is the largest cityin Turkey and have a huge population. Annually millions of people aroundthe world visit Istanbul. And then during our first meeting it was verydifficult for the group to find a proper project and whether the proposedproject would be profitable or not. Also we missed one group member in thefirst two weeks, so it was difficult to discuss the topic with him and we didn‟t

know whether he will agree on the proposed country. The first subject thatcame in our mind was about a hotel or a yacht in Turkey, but we came toconclusion that this was not a good idea since this is more seasonable andwe need to make profit during the whole year thus not in one season.

Second group meeting on Friday 18th of MarchAttendance: Tammana, Cevat and Bowen was presentTime: from 15:25 am to 16:05 pm

Reason: To discuss about the country and decide on the research questions.

At our second meeting when we came together and discussed also otherproposals since we were not convinced with the subject of opening a hotel inTurkey. The group did research on the price of hotels in Turkey and what theother options were. After a lot of research and discussion with the groupBowen and I decided to take a building and within the building and havedifferent kind of accommodations so a „All-in-one-resort‟ andaccommodations such as casino, restaurants, fitness-area, cinema, smallshop, thus this would be an ideal place to be since you can find all the funthings in it. We would love to give everybody the chance to spend their timethere. So not only for the tourists but everybody can make use of ouraccommodations. Marc missed the meeting but he agreed with our researchquestion.



20

Third group meeting Wednesday 30nd of April

Attendance: everyone was presentTime: from 12:55 am to 13:45 pmReason: Meeting to discuss and agree on the research questions that will beconducted and divide the tasks.

Finally when the research question was finalized we searched forinformation. I divided the tasks. Since Marc is very good in finance, he gotthe financial part of the report. Further we discussed about the target group.First we thought about a motel instead of a hotel, but then we thought itwas not a sound idea. Our target group are people with higher income andthey should at least overnight one day. Furthermore there were not a lot totalk about since everybody knew what to do.

Fourth group meeting on Monday 9

th

of MayAttendance: everyone was presentTime: from 12:55 am to 13:45 pmReason: Meeting to decide what should be involved in the rough draft.

After our second meeting with the client we had a group meeting, wediscussed the things that had to be done. We also agreed on deadline inorder to have everything on time and to be able to submit on time. Thegroup decided that everyone should send their task to me so that I can putit in one document and finally check the whole report. Also we discusses thateverybody should do serious research so that we are able to hand in a high

quality document.



21

Cevat Topaloglu 0839309


Monday 7th March: Meeting to discuss the country andinvestment opportunity.

Cevat

Monday 14th April Thinking about the researchquestion.

Cevat

Sunday 20 March Preparing for our first meeting withthe client.

Cevat

Wednesday 7th April Starting to search information andreading all the information aboutthe investment.

Cevat

Monday 9th April We had a group meeting to discusseverything.

Cevat

Tuesday 19

th

April Write the introduction Cevat

Wednesday 25th May Checking of my work for mistakes. Cevat

Thursday 26th May Meeting with the client to discussthe parts that we made.

Cevat

Tuesday 7th June After that I received the wholereport I wrote the conclusion.

Cevat

Tuesday 13th June Meeting to talk about the correctionnotes on the rough draft part 1.

Cevat



22

Marc Klootwijk - 0824371


Monday 7th March Missed meeting, but was informed

on discussed subjects later on thatday by telephone.

Marc

Friday 11th March Searching some information on realestate in Turkey.

Marc

Monday 14th March Thinking about the researchquestion.

Marc

Saturday 19th March Preparing for meeting with client,together with Cevat.

Marc

Saturday 7th May Doing research on buildingexpenses and legal aspects of construction in Turkey.

Marc

Thursday 2nd June Working on the Excel sheet. Marc

Saturday 4th June Working on the Excel sheet. Marc

Tuesday 7th June Processing the financial data fromthe Excel sheet.

Marc

Wednesday 8th June Finalizing the financial part. Marc

Bowen Chen 0842693

Introduction for the report 2011-4-4

Resort and Infrastructure is

Istanbul

2011-05-12

Reasons for Starting an All-in-One resort version1

2011-06-03

Reasons for Staring an all-in-oneresort Version2

2011-06-05

report writing draft version repaired)

Documents