The hotel group Sani / Ikos proceeded with the issuance of a bond in the international capital markets amounting to 300 million euros with an interest rate of 5.625%. The funds will be allocated for the further development of the Group, which was also affected by the pandemic, after seeing its turnover in 2020 down to 32.6 million euros, from 213.4 million euros in 2019.
Shareholders In the Sani / ikos group, in addition to the Andreadis family, which also controls the management, also include Oaktree Capital, Goldman Sachs, Hermes GPE, Moonstone Investments, and Florac.
The hotel complexes of the Sani / Ikos group generally operate six to seven months a year, with a fullness of close to 95% during the season (annual fullness of about 50-60%), according to an analysis by Fitch.
Analysts expect the Sani / Ikos group to be able to recover EBITDA margins, above 30% of pre-pandemic levels, in 2022
The Sani / Ikos group is planning to expand with four new hotels (two in the Iberian Peninsula and two in Greece) resulting in a 65% increase in the number of its rooms, to a total of 4,500 by 2025, an investment program of over 440 million euros.
So far the Sani / Ikos group “runs” 10 luxury hotels in six different locations in Greece and Spain under the “brands” Sani and Ikos. There are five Sani resorts with a total of 946 rooms. Ikos also has five units in different locations. The group had a total of 2,723 rooms in operation in March 2021. Of the four new hotels, two are in Portugal and Corfu and the other two in Chania and Mallorca, Spain.
Latest News
EIB Survey: Greeks Rank Climate Change as Top Concern After Cost of Living
Specifically, 98% of the Greeks surveyed stated that the country must to adapt to climate change, with 60% saying that priority should be given to these adjustment measures
Trump Tells Putin not to Escalate Ukraine War during Phone Convo
Meanwhile, President Joe Biden, is preparing to lobby Trump against abandoning U.S. support for Kyiv
Former Thessaloniki Mayor Yiannis Boutaris Dies at 82
Boutaris entered politics in 2010, serving as the 60th mayor of Thessaloniki for two consecutive terms until 2019, becoming a transformative figure with his progressive policies.
Greece Plans to Link Golden Visa to Startup Investments
The Greek government wants to decouple the Golden Visa Program from Real Estate investments
Greece Honored Country at World Travel Market (WTM) 2024
Greece held a prominent position within the exhibition space, with its main entrance adorned digitally in Greek colors.
Inflation in Greece Down to 2.4% in October, ELSTAT says
On a year-to-year basis, the average inflation in Greece from November 2023 to October 2024 increased by 2.9%, compared to a 4.2% rise during the same period the previous year
First-Ever Pop-Up American Space at a Sports Venue Opens at Georgios Karaiskakis Stadium
The new Pop-Up American Space was inaugurated at the Georgios Karaiskakis Stadium by US Amb. George J. Tsunis, Olympiacos FC President Evangelos Marinakis and the Mayor of Piraeus, Yannis Moralis
Greek Long Term Unemployment 2nd Worse in EU: Eurostat
Greek long term unemployment was only surpassed by Bosnia Herzegovina (9.6%). Spain was the 3rd worse with 4.3%
PM Mitsotakis from Budapest: ‘Urgent Need for Boost in EU Competitiveness’
Mitsotakis remarked on the discussions held with former European Central Bank chief Mario Draghi emphasizing the significance of moving from rhetoric to action
NBG After-Tax Profits Reach 983mln€ in 3Q 2024
NBG CEO Pavlos Mylonas: In 3Q24 we delivered a solid set of financial results, with our strong capital position and highly liquid balance sheet remaining key comparative advantages