The Istanbul building known as the HSBC building in Levent that was bombed back in 2003 is acquired by Azarbaijan born businessman Mansimov and the building will be converted into a 5 start hotel that will primarily target business travelers.

HSBC used to be a tenant in the building when it was bombed back in 2003. The building located adjacent to Levent Metro Station has a closed area of 17,678 square meters. Demirbank used to be the original owner of the building until 2000 when TMSF took over the building from the bank due to financial problems it was having. Mubariz Mansimov acquired the building from TMSF for a total of $60 million. Ibrahim Nebioglu, the president of the Palmali Holding, Mansimov's company in Turkey, said that the new hotel will be named "Baku". Palmali Holding is currently in negotiations with world's leading hotel management companies and the company aims to make Baku the most luxurious hotel of its kind in Istanbul.

Mansimov, at an age of 39, became a Turkish citizen and changed his name to Mubariz Gurbanoglu. Right after becoming a Turkish citizen, he entered the Forbes' list of world's richest people at the twenty-second spot. Palmali Holding, with its fleet of 128 ships carries approximately 75% of Russia'a oil to various countries in the world.