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
Greek FinMin Says Digital Work Card Tackling Undeclared Work
Greece's recently launched digital work card aimed at tackling undeclared labor has already started to produce results, said Economy and Finance Minister Kostis Hatzidakis
MSC Cruises: More than 400 Visits to Nine Greek Destinations
MSC Cruises, a subsidiary of international shipping line Mediterranean Shipping Company S.A, will be sailing to Greek ports as of this month, expanding operations in the region year-round
Eurostat: Greece Among Cheaper Hourly Labor Cost Zones
In contrast, the countries that posted the highest hourly labor costs are Luxembourg (53.9 euros), Norway (51.9 euros), Iceland
GSEVEE: Economic Sentiment Indicator in Greece Down in Q2 2023
The drop follows a significant uptick in the ESI in the second half of 2022 (69.5 units) and a slight decline in the first half of 2023 (66.7 units)
Manpower Report: Sectors in Greece that Have Achieved Full Gender Equality in the Workplace
Greece surpasses this with 45%, showcasing progress but also room for improvement. Sectors like Consumer Goods and Services lead with 69% reporting full equality globally
Bank of America (BofA): Three Reasons Greek Economy Outperforms EC Average
BofA projects growth of 1.1% in 2024 and 1.7% in 2025, compared to forecasts for eurozone growth at 0.4%/1.1%, respectively
UniCredit: Greece’s Economy Set to Regain Momentum
This projection is based on the understanding that certain factors that hindered growth in the latter part of the preceding year, such as flood-related agricultural losses, abrupt adjustments in housing investments, and postponed public projects, were temporary setbacks
Council of the EU Adopts Environmental Crime Law
The law aims to improve the investigation and prosecution of environmental crime, to define new types of criminal offenses, and to harmonize penalties to individuals and legal persons
Banks: Changes in Transactions Due to Catholic Easter
In terms of financial obligations, those expiring on March 29 must be settled by March 28. Deposits made after March 28 will reflect in records starting from April 2. These alterations extend to payroll as well
EUROSTAT: Greece 2nd Place for Number of Asylum Apps in 2023
Approximately 1,048,900 non-EU citizens made first-time asylum applications for international protection in the EU, which was 20% higher than 2022