In 1918, a great fire destroyed numerous buildings in wide areas at the old city of Istanbul, mainly in neighborhoods of Cibali, Altımermer and Fatih.

[1][2][3][4] Ottoman Ministry of Foundations donated the empty ground of Koska Madrasa, which belonged to Laleli Mosque's Complex, and was partly destroyed by the 1894 Istanbul earthquake and then burnt down in 1911.

Tayyare Apartments were the first modern buildings constructed in reinforced concrete, and the first public housing project within the walled old city of Istanbul.

The THK argued with financial loss due to the payment of the annual lease in Turkish currency that was affected by devaluation under high-inflation in those years.

In November 2005, the textile company Naz Giyim became the new lessee at an annual payment of US$3 million for a lease period of twenty years.

[2][4] On 26 May 2008, after standing vacant almost three years long for renovation work, the complex opened its doors in three of the four buildings, rebranded as the five-star Crowne Plaza Hotel Istanbul Old City.

[4] The hotel is situated in walking distance from historical sites like Grand Bazaar, Topkapı Palace, Blue Mosque and many other tourist attractions in the old city.