THE old Istanbul neighborhood of Besiktas, which runs along the European side of the Bosphorus, has long betrayed a blue-collar state of mind. Its bustling markets, schools and ferry stations have been home to fishermen, off-duty cabdrivers, teenage students and Besiktas soccer fans. At its center is a shiny new W Hotel. Not far away, facing the picturesque strait, is the long-anticipated Four Seasons Bosphorus.

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