We're hearing reports that Shangri-La Hotels & Resorts is entering the fray in Istanbul. And they're not doing so quietly. Word on the street is that Shangri-La-- the Hong-Kong based group known for its 66 lavish properties in Asia Pacific, North America and the Middle East-- will be building a 7-star hotel on the banks of the Bosphorus. Due to open in 2012, the 200-room, $250 million hotel will be located in the Beşiktaş district on the site of an old tobacco factory. If all goes according to plan, this luxury hotel will be joining an elite group of the globe's "seven-star" hotels: the Town House Galleria in Milan, the Burj Al Arab in Dubai, and the Emirates Palace in Abu Dhabi.

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