In 2009 the lovingly refurbished stylish apartments of the Karamanyan opened to guests. Set in an impressive wooden Ottoman mansion on Heybeliada, they offer a great alternative to renowned Princes' Island hotels such as the Halki Palace and Splendid Palace Hotel.

The Princes' Islands, just 45 minutes by ferry from the heart of historic Istanbul, boast some of the finest examples of wooden Ottoman mansions in the area. This is a testament to the wealth of the Greek and Armenian bankers who built lavish holiday homes on the Princes’ Islands at the turn of the 19^th century.

Some also turned their hand to hotel-keeping, aiming to cater for the tourists who visited the Princes’ islands to holiday from Istanbul, as well as parents whose children were schooled on the Princes’ islands. A couple of these hotels still remain today, the Merit Halki Palace (Halki Palas) on Heybeliada and Büyükada’s Splendid Palace Hotel (Splendid Palas).

The Halki Palace dates from around 1852-1862 and is still open for business today, as is the Splendid Palace Hotel, which first opened in 1908. In 1875 the Grand Bretagne Hotel opened and soon became one of the Princes Islands’ most notable hotels. It changed ownership a number of times, before passing to the Karamanyan brothers, Aram, Hrant and Artin, who had made their money through mining and banking. From 1928, when the hotel passed to their heirs, it was named the Karamanyan Hotel.

Over the years, the hotel passed into residential use and gradually fell into disrepair. By the time it was discovered by Lawrence Jacomelli in 2007 it was virtually derelict. In 2008, however, it was lovingly refurbished by Lawrence and his fashion-designer partner who have managed to retain the character of the original Ottoman building whilst sparing no expense in the stylish furnishing. In 2009 the Karamanyan gained a new lease of life as luxury holiday apartments, perfect for those who prefer the freedom of self-catering.