The banks of Istanbul’s Beyoglu neighborhood used to be known for the Istanbul Modern, an innovative art museum that abuts the Bosphorus. But these days, the Karaköy district is fast becoming the city’s hottest area, attracting in-the-know, cool Istanbulites thanks to innovative galleries, funky cafés, chic boutiques and—now—the arrival of a sophisticated boutique hotel. With a pulsating scene and youthful vibe, the bohemian area is partaking in a cultural revival—and it’s ready for its close up...