Singapore’s sovereign wealth fund to buy majority stake in resort group valued at $2.2 billion

The Government of Singapore Investment Corporation has acquired a majority stake in Sani/Ikos Group, a group of luxury resorts in the Mediterranean, for an undisclosed sum.

The transaction, which is expected to close in the fourth quarter of 2022, subject to regulatory approval, values ​​the Mediterranean-based luxury resort operator at $2.27 billion.

The American companies Oaktree Capital Management, Goldman Sachs Asset Management and Moonstone Investments, the French private equity fund Florac and the British company Hermes Global Private Equity will sell their stakes to the Singapore sovereign wealth fund as part of this transaction.

Andreas Andreadis and Mathieu Guillemin will continue to lead the luxury resort group as CEOs and co-managers, while Stavros Andreadis, who previously served as general manager of the hotel group, will become honorary chairman, according to a statement from Sani/Ikos.

The three first joined the group when Greece-based Sani Resort and Ikos Resorts merged in January 2016.

Speaking about the hotel group’s efforts to strengthen its brand and expand its presence in Europe, Lee Kok Sun, director of real estate investments at the sovereign wealth fund, said: “We believe this investment will generate resilient returns and demonstrates our confidence. in the Greek and European tourism sector in the long term.

The Sani/Ikos group develops, owns and operates 10 hotel complexes on the islands of Halkidiki, Corfu and Kos in Greece, as well as in Marbella and Estepona in the Iberian Peninsula.

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