Sani/Ikos Group plots expansion with new €520m investment

Falesia beach in Vilamoura
Falesia beach in Vilamoura. (Serhiy Stakhnyk/Getty Images)

Sani/Ikos Group is planning to spend €520 million on the acquisition of four new properties in Greece and Iberia plus the expansion of two existing resorts over the coming years.

Earlier this year the company agreed reached an agreement with Roxa Group in Spain to acquire the former Blau Porto Petro hotel on the island of Mallorca and turnit into a five-star luxury resort under the Ikos Resorts brand. After an investment of €100 million, the company plans to open Ikos Porto Petro in 2023, operating with 324 rooms, suites, and villas. It will be the group’s second resort in Spain.

Following  he acquisition of the Alfamar Beach Resort in Algarve, Portugal, the Sani/Ikos Group will open another five-star luxury all-inclusive resort as Ikos Cortesia in 2024, investing €140 million in the project. The new property will include 448 rooms, suites, bungalows, and villas.

In parallel, an investment plan is already underway by Sani/Ikos Group in Greece, with the acquisition of new properties on the islands of Corfu and Crete.

Sani/Ikos Group recently acquired the former Club Med in Corfu and has started the development of Ikos Odisia, a five-star luxury resort located on the same bay as sister property Ikos Dassia. Ikos Odisia will open in 2023 with 395 new rooms, suites, and bungalows following an investment of €125 million.

Sani/Ikos Group has also acquired and consolidated more than 30 individual plots of land to create an area of over 200,000m² with a 600m beachfront on the beautiful bay of Kissamos, west of Chania, Crete.  Here the Group will develop its first Ikos resort on the island with an investment of €125 million. The new Ikos Kissamos will accommodate 400 new rooms, suites and bungalows and is scheduled to open in 2025.

Aside from new acquisitions, Sani/Ikos Group continues to focus on expanding its existing properties with the further development of both Ikos Andalusia in Spain and Porto Sani in Greece. 

Ikos Andalusia, Marbella/Estepona, now entering its second year of operation, will add a new collection of 19 luxury villas and suites plus new pools and restaurants by 2023 following a €17 million investment. 

Following the completion of the first phase of refurbishment in 2020, the second phase of Porto Sani’s development is scheduled for May 2022. With an additional investment of €13 million, Porto Sani will include 50 new luxuriously comfortable suites, two new restaurants, new outdoor pools, and a new kids and creche area.

ESG Aims

Sani/Ikos Group has set a target of reaching net-zero by 2030, as well as zero plastic and zero waste by 2024 for its properties. All resorts source 100% renewable electricity with Guarantees of Origin, 100% of wastewater is recycled.

Together, the group’s new properties and the expansion of existing resorts are expected to create more than 2,600 new jobs.

Sani/Ikos Group was created in 2016 when the merger between the two companies was completed. Stavros and Andrew Andreadis and investment funds managed by Oaktree Capital Management are among the major shareholders.