Goldman Sachs’s exit from Halkidiki through the sale of its hotel assets—acquired three years ago—to the Sani/Ikos Group effectively cements the latter as the dominant player in the region. This acquisition paves the way for the group’s fourth property in the area, the new Ikos Kassandra, which is set to open in 2029 as the first Ikos Grand Resort.

This is a key development in the major strategic investment announced yesterday by the Sani/Ikos Group, exceeding €400 million, marking a new chapter in Halkidiki for the group after the Sani Resort, Ikos Oceania (the first Ikos, opened back in 2015), and Ikos Olivia. Notably, the deal coincides with the brand’s 10-year milestone since the launch of the Ikos Resorts concept in the hospitality sector.

Ikos Porto Petro – Beach Club Area

As for Goldman Sachs, its foray into the Greek hospitality market appears not to have yielded the expected results, nor did the original business plan for the Halkidiki hotel cluster meet performance expectations. The plan for the Athos Palace, Pallini Beach, and Theofano Imperial Palace hotels—acquired in 2021 from the Grigoriadis Group—envisioned a complete overhaul into a single, high-end resort complex with five-star hotels, luxury bungalows, full-service dining, wellness and entertainment offerings. However, the initial €108 million investment plan faced ongoing delays, primarily due to the surge in construction costs, which impacted projected returns. As a result, Goldman Sachs decided to divest, inviting market interest (Grivalia Hospitality among the bidders), with Sani/Ikos ultimately sealing the deal.

It’s worth noting that the two sides have a history: back in the early days of the Sani/Ikos partnership with the Andreadis family, Goldman Sachs was part of the investor group. In 2022, funds from Oaktree Capital Management L.P., Goldman Sachs Asset Management, Moonstone, Florac, and Hermes GPE, which had supported Sani/Ikos since its founding in 2015, sold their stakes to Singapore’s GIC sovereign wealth fund. GIC became the majority shareholder, while the Andreadis family retained a stake and an active leadership role.

Ikos Porto Petro – Deluxe Area

Now, the Sani/Ikos Group (“SIG”) is acquiring the Athos Palace, Pallini Beach, and Theofano Imperial hotels in Kassandra and plans a complete redevelopment of the properties to create the first Ikos Grand. Slated to open in April 2029, Ikos Kassandra will be the largest Ikos Resort to date. Located in the Kalithea area of Kassandra, just an hour from Thessaloniki International Airport, the resort will span a 600-meter beachfront with panoramic views of Sithonia, the Toroneos Gulf, and Kelyfos Island. The luxury complex will feature 750 rooms, suites, and villas blending contemporary architecture with the region’s natural beauty. Spread across 160 acres, guests will enjoy lush gardens, shared and private pools, a spa, sports facilities, and spaces tailored for families and adults. Ikos Kassandra and its coastal promenade will host over 30 restaurants and bars offering everything from casual dining to Michelin-starred cuisine, along with theaters, spas, kids’ and teens’ clubs, sports academies, and immersive experiences for all ages.

The Ikos Resorts brand was launched in 2015 by the Sani/Ikos Group to redefine all-inclusive luxury, blending sophisticated European design, five-star service, award-winning cuisine, and authentic Greek hospitality. Today, the group operates 12 award-winning owned-and-operated resorts in Greece (Halkidiki, Corfu, Kos) and Spain (Marbella-Estepona, Mallorca), and is expanding with three more five-star Ikos properties: Ikos Kissamos in Crete, Ikos Marbella in Spain, and Ikos Cortesia in Portugal’s Algarve. These openings, scheduled between 2026 and 2028, will add over 1,200 rooms, suites, and villas. With the addition of Ikos Kassandra, the group’s total capacity will exceed 5,600 rooms by 2029.

Ikos Odisia – Beach

Simultaneously, significant investments are also underway at Sani Resort, including the renovation and expansion of Sani Asterias, the refurbishment of Sani Club (both to be completed by April 2025), and a two-phase renovation of Sani Beach, planned through April 2028.

These developments are part of the Sani/Ikos Group’s five-year investment plan exceeding €1 billion, aiming for strategic growth across the Mediterranean. During construction, Ikos Kassandra will create 1,000 jobs, and once operational, it will provide 1,300 direct jobs. In line with the group’s ongoing strategy, partnerships with local producers and suppliers will support the regional economy and employment.

According to Sani/Ikos executives, the investment in Ikos Kassandra strengthens Greece’s tourism appeal and further establishes Halkidiki as a leading luxury destination in the Mediterranean. It also contributes to enhancing connectivity at Thessaloniki International Airport with major European markets, boosting accessibility and long-term regional development.