Sani / Ikos: 300 million euro bond and over 440 million euros worth of investments

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.