Sani/Ikos Group is accelerating its expansion across Southern Europe with an investment programme exceeding €1 billion by 2029, according to a report from TornosNews.gr. The luxury hospitality operator, backed by Singapore sovereign wealth fund GIC and led by Andreas Andreadis, is developing new resorts in Greece, Spain and Portugal that will lift its portfolio from 12 owned resorts (more than 3,450 rooms) to over 5,600 rooms by the end of the decade.

Crete: Ikos Kissamos to open April 2026

The largest single hotel investment ever made on Crete, Ikos Kissamos, carries a €125 million budget. The beachfront complex spans more than 200,000 square metres and will offer 414 rooms, suites and bungalows totalling 1,280 beds. Facilities include seven gourmet restaurants developed with Michelin-starred chefs, three outdoor bars, a spa, gym, theatre and a full range of sports infrastructure. The resort also features a biological water-treatment plant for recycling water. Construction is progressing rapidly, with operations scheduled to begin in April 2026.

Halkidiki flagship: Ikos Grand Resort by 2029

In the Kassandra region of Halkidiki, the group is investing €400 million in the ultra-luxury Ikos Grand Resort, which will have 750 rooms. The development follows the acquisition of the Pallini Beach, Theophano Imperial Palace and Athos Palace hotels from Goldman Sachs. The resort is expected to open in April 2029 and will include 30 dining venues, cultural and sports facilities. It is projected to create 1,000 construction jobs and 1,300 permanent positions. Separately, a group subsidiary has secured 642 acres in Sani through Greece’s privatisation agency TAIPED under a 99-year lease, strengthening its presence in the region.

International expansion: Spain and Portugal

International growth remains a core pillar. The group is developing Ikos Marbella in Spain and Ikos Cortesia in Portugal, both scheduled to open between 2026 and 2028.

Financial profile and Fitch rating

Fitch Ratings maintains the group’s credit rating at B- with a stable outlook. The agency projects a compound annual revenue growth rate of 15% through 2029. While the group’s financial profile is considered weaker than larger competitors, its specialisation in the all-inclusive luxury segment is seen as more resilient to economic cycles. Fitch notes that growth 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 begin operations between 2026 and 2029. Approximately €750 million of the total investment is planned for the 2025–2027 period.

Operational metrics

Sani/Ikos operates seasonally (six to seven months per year), with peak occupancy reaching 95%, translating into an annual occupancy rate of 50–60%. Average daily rate is projected to grow 4–5% annually through 2028. RevPAR is expected to rise in 2025 before stabilising. EBITDA margin is forecast to drop to 32% in 2025 due to increased marketing and sales investment, before recovering to 35% by 2027.

Why it matters

Sani/Ikos’s €1 billion investment plan signals sustained confidence in the Mediterranean luxury all-inclusive segment, a niche that has proven resilient during economic downturns. The group’s heavy reliance on debt financing, however, introduces risk: net debt is set to increase by €400 million in 2027–2028, and deleveraging depends on the timely ramp-up of new properties. For travel-trade partners, the expansion adds significant room inventory in key markets—Crete, Halkidiki, Marbella and the Algarve—potentially shifting competitive dynamics for upscale tour operators and bedbanks sourcing in those regions. The 2026 opening of Ikos Kissamos will be the first major test of the group’s ability to execute at scale while maintaining the service standards that underpin its premium pricing.