Sani/Ikos Group continues its dynamic expansion trajectory, confirming its position as one of the fastest-growing players in the European luxury hospitality sector. Backed by Singapore’s investment giant GIC and led by Andreas Andreadis, the Group is implementing an investment program exceeding €1 billion by 2029, with projects underway in Greece, Spain, and Portugal.
Fitch Report: Strong Growth, But High Leverage
According to the latest Fitch Ratings report, which maintains the Group’s credit rating at B- with a stable outlook, Sani/Ikos is expected to achieve a compound annual revenue growth rate (CAGR) of 15% through 2029.
Although its financial profile is considered weaker compared to larger-scale competitors, its specialization in the all-inclusive luxury segment offsets the conservative rating, as this market tends to be more resilient to economic fluctuations.
However, Fitch notes that the Group’s growth strategy relies heavily on external borrowing, with net debt expected to rise by around €400 million during 2027–2028. Deleveraging is projected to occur organically, as new hotels gradually begin operations between 2026 and 2029, boosting operating income.
Approximately €750 million in investments are planned for the 2025–2027 period.
Expansion in Crete: Ikos Kissamos to Open in 2026
Crete plays a central role in the Group’s investment strategy. The Ikos Kissamos resort, with a €125 million budget, is the largest hotel investment ever made on the island. Construction is progressing rapidly, with operations set to begin in April 2026.
The luxury beachfront complex spans more than 200,000 square meters, featuring 414 rooms, suites, and bungalows, with a total of 1,280 beds. Facilities will include seven gourmet restaurants (in partnership with Michelin-starred chefs), three outdoor bars, spa, gym, theater, and a full range of sports and support infrastructure.
The resort will also feature a biological treatment plant capable of recycling water, promoting sustainable tourism practices.
Halkidiki Flagship Resort – Opening in 2029
In Halkidiki, the Group is investing €400 million in the development of the ultra-luxury Ikos Grand Resort, offering 750 rooms. Located in the Kassandra region, the resort is being developed following the acquisition of Pallini Beach, Theophano Imperial Palace, and Athos Palace hotels from Goldman Sachs. The new resort is expected to open in April 2029.
It will include 30 dining venues, cultural and sports facilities, and will create 1,000 construction jobs and 1,300 permanent jobs post-completion.
Additionally, a Group subsidiary has secured 642 acres in Sani through TAIPED (Greece’s privatization agency) for 99 years, strengthening its strategic presence in the region.
International Expansion
International growth remains a core pillar of Sani/Ikos strategy. The Group is developing new hotels in Spain (Ikos Marbella) and Portugal (Ikos Cortesia), scheduled to open between 2026 and 2028.
Currently operating 12 owned resorts with more than 3,450 rooms, the Group expects its portfolio to exceed 5,600 rooms by 2029.
Performance Indicators and Operational Highlights
The Group operates seasonally (six to seven months per year), with peak occupancy reaching 95%, translating into an annual occupancy rate of 50–60%.
The average daily rate (ADR) is projected to grow 4–5% annually through 2028. RevPAR (Revenue per Available Room) is expected to rise in 2025 before stabilizing in the following years.
In terms of profitability, EBITDA margin is expected to drop to 32% in 2025 due to increased marketing and sales investment, before recovering to 35% by 2027, according to Fitch.
