- By Viki Tryfona
Halkidiki is entering a new era of tourism development, as the Sani/Ikos Group (SIG) is proceeding with one of the most ambitious and emblematic luxury hospitality projects in Greece. The investment concerns the complete renovation of the historic hotels Pallini Beach, Theophano Imperial Palace and Athos Palace, located in Kassandra, with a budget of 400 million euros.
The project, which will be implemented by METKA, as announced by the company’s CEO and Vice President Dinos Benroubis at the Athens Riviera Forum, is expected to begin in 2025 and be completed before the summer of 2029. Upon its completion, the three existing hotels will be transformed into a single luxury complex under the Ikos signature, Ikos Kassandra, which will feature 750 rooms, suites and villas, as well as a multitude of facilities with modern aesthetics and high-standard amenities.
From Goldman Sachs to Sani/Ikos
Sani/Ikos acquired the three hotels from Goldman Sachs Asset Management on April 1, 2025, following a process that began several months earlier. The hotels, which previously belonged to the Grigoriadis family’s GHotels group, were acquired in 2022 by Goldman Sachs with the aim of renovating and upgrading them into a single, high-end resort.
However, Goldman Sachs’ initial investment plan of 108 million euros through the Ousia Hospitality platform did not proceed, as the investment arm of the American bank revised its policy in relation to tourism assets. Sani/Ikos, known for its experience in managing luxury resorts and with significant capital support from the Singaporean sovereign wealth fund (GIC), proceeded with the acquisition and undertook the full development of the project.
The largest Ikos Resort to date
The investment of 400 million euros will lead to the creation of the largest Ikos resort built to date. The new complex, extending along a 600-meter-long beach, will include 30 restaurants and bars, luxurious public areas, leisure facilities, a spa and sports infrastructure, while special emphasis will be placed on sustainable architecture and integration into the natural environment of Kassandra.
As Mr. Benroubi underlined, the projects in Halkidiki are among the largest that METKA has undertaken on a private level. “The three new Sani/Ikos hotels in Halkidiki have a total value of 400 million euros. They will start within the year and are expected to be completed before the summer of 2029, offering a total of 750 rooms with modern aesthetics and amenities,” he said.
Continuation of the Group’s development plan
The new investment in Halkidiki is a natural continuation of the strategic expansion of the Sani/Ikos Group in Greece and abroad. The group is already in an advanced stage of construction of Ikos Kissamos in Chania, a project worth over 100 million euros, which will be operational in 2026, while it is also developing new resorts in Croatia, Portugal and Italy.
With the addition of the three new units, Sani/Ikos will increase its strength in Halkidiki by 2,000 beds, reaching a total of 5,500 in the region. Thus, the company will now hold a dominant position in the luxury hotel market of the first leg of Halkidiki, which attracts the largest share of foreign tourists every year due to its proximity to Thessaloniki and the “Macedonia” airport.
