- 💶 Over one billion euros · the British-Greek group’s investment plan for the Mediterranean, running until 2029.
- 🏝️ Targeting 5,600 keys · four openings in Greece, Spain and Portugal, including Ikos Kassandra and its 750 rooms.
- 🇸🇬 Singapore’s sovereign wealth fund · GIC has been the majority shareholder since 2022, based on a valuation of €2.3 billion.
- 👔 Jean-Marc Bellaiche · Chief Executive Officer since 1 January 2026, succeeding the founders.
Ten years ago, Sani was a family-owned estate in Chalkidiki. The group it has become, Sani/Ikos, is set to exceed 5,600 rooms across three countries, with Singapore’s sovereign wealth fund among its shareholders. The story speaks of something broader than the success of a Greek company: it tells how high-end all-inclusive has become an asset class fought over by the world’s largest investors.
The expansion of Sani Resort, in Chalkidiki
The most tangible sign of this growth lies in a file submitted to the environmental licensing department of the Greek Ministry of Environment and Energy. It concerns the addition of 250 beds at Sani Asterias hotel, on an undeveloped plot of nearly 5.9 hectares located in the heart of the existing estate. The operation will increase the resort’s capacity from 808 to 927 keys, without building anything outside its historic perimeter.
A financial foundation backed by global investors
In 2015, in the midst of the Greek economic turmoil, Sani A.E. partnered with the Ikos brand with the support of the Florac and Hermes GPE funds. This alliance subsequently attracted Goldman Sachs Asset Management in 2016, followed by Oaktree Capital Management in 2019. The year 2022 marked the turning point: the Singaporean sovereign wealth fund GIC became the majority shareholder, based on a valuation of €2.3 billion, allowing it to buy out previous stakes.
In July 2024, the group issued a €350 million bond at 7.25%, maturing in 2030, which was three times oversubscribed by institutional investors. The bond market thus validated a model that large listed hotel groups struggle to replicate: owning the real estate, property development and operations all under one roof.
The pipeline up to 2029
In Chalkidiki, Sani/Ikos acquired the Pallini Beach, Athos Palace and Theophano Imperial Palace hotels from Goldman Sachs. The three will be unified to create Ikos Kassandra, the brand’s largest resort: 750 rooms, suites and villas, costing €400 million, opening in April 2029. Meanwhile, Ikos Kissamos welcomed its first guests in Crete, Ikos Marbella will follow in April 2027 and Ikos Cortesia in the Algarve in April 2028.
Institutional governance to drive growth
Since 1 January 2026, Jean-Marc Bellaiche has been Chief Executive Officer of the group. He succeeds Andreas Andreadis, who co-led with Mathieu Guillemin. The two founders remain managing partners, overseeing long-term strategy and the preservation of the brand’s Hellenic identity; Stavros Andreadis remains honorary president. The transition from family management to institutional governance is the entry price for sovereign ownership.
Our take: all-inclusive has become an asset class
The trajectory of Sani/Ikos speaks to the maturity of the Mediterranean hotel industry, which has stopped merely tolerating all-inclusive and turned it into a fully-fledged luxury product. By combining real estate, development and operations, the group has built an integrated model that few competitors can copy, and that is precisely what GIC is buying.
Yet, the risk of scaling up remains. Moving from a few Greek properties to an Iberian network of 5,600 keys means industrialising a service that must remain bespoke. The historic Sani Resort owes its reputation to a private estate atmosphere; Ikos Kassandra will turn it into a 750-room complex. It is here, and not in the financing, that the group’s decade will be decided.
