Turkish Formula 1 expected to bring $150 million in profit

Turkish Formula 1 Grand Prix will make $150 million in profit, the head of the Turkish Hoteliers Association (TUROB), Muberra Eresin, has said, Report informs, quoting foreign media.

"Over recent years, I can say that the most exciting and motivating event for us as the tourism sector is Formula 1. In 2020, when there was a pandemic of the coronavirus (COVID-19), the Turkish Grand Prix was held in Istanbul. But the race took place without spectators. This year, there will be spectators, and we expect that this will lead to an influx of tourists to the country, especially to Istanbul," he said.

According to him, this week the hotels in Istanbul are experiencing the most active period of the last two years and are preparing to receive about 35,000 foreign tourists for Formula 1.

"We expect the hotel occupancy rate to increase during the race. We inform guests to watch the race on the venue and get positive feedback from many. But more important than the numbers will be the re-emergence of Istanbul, because Formula 1 is one of the largest events with over 2 billion spectators.”