The Istanbul district of Merter, where textile producers and wholesalers have clustered, may soon become one of the city’s newest tourism hubs thanks to enormous investments planned by a number of prominent hotel chains.

Projects have been launched by seven hotel chains in the neighborhood, with local and international accommodation giants such as Rixos, Cevahir and Accor looking to purchase land, according to Ercan Tan, Chairman of the Merter Industrialists’ and Businessmen’s Association, or MESİAD.

The organization has started to catalog the results of nearly 200 meetings held with local authorities and businessmen to boost investment in Merter across a period of eight months, Tan said during a recent interview.

“Merter has long been known as the center of cheap production and sales,” he said. “Now we want to open the gates for both retail and tourism.”

The business organization has developed a five-year-plan and has received offers for seven hotel projects to be initiated.

Current building stock in Merter will be used to accommodate the new hotels, Tan said, adding that MESİAD would also bid for one of these projects.

A business group wants to build two skyscrapers on land formerly owned by Vakko, a famous local fashion brand, he said. A giant shopping mall will be constructed in the middle of these buildings near the E-5, one of Istanbul’s main arterial roads.

About 6,000 firms operate in Merter, where approximately $3 billion worth of textiles are produced annually.

Some 40,000 people work for the manufacturers and shops in the neighborhood, according to MESİAD.