Singapore’s sovereign wealth fund buys hotel chain SIG and values ​​it at 2.3 billion | companies

The reactivation of tourism has awakened the appetite of chains and investors to continue growing. The sovereign wealth fund of Singapore (GIC) made official this morning that it will acquire a majority stake in the hotel group Sani/Ikos (SIG) in an operation that values ​​its assets at 2,300 million of euros. The operation is expected to close in the fourth quarter of 2022 and will be subject to the approval of the Competition authorities.

SIG, whose main brands are Sani and Ikos Resort, operates 10 hotels with 2,750 rooms between Spain, Greece and Portugal. GIC will buy its shares from funds such as Oaktree, Goldman Sachs Asset Management, Moonstone, Florac and Hermes GPE. “We are pleased to partner with SIG in their efforts to strengthen their brand and expand their presence in Europe. The group’s assets are well located and the team is known for delivering excellent hotel experiences. We believe this investment will deliver good returns and is proof of our long-term confidence in the Greek and European tourism sector,” said Lee Kok Sun, Chief Investment Officer of Real Estate at GIC.

The arrival of the new owner will not imply a change in the direction of the company, since Andreas Andreadis and Mathieu Guillemin will continue as CEOs and managing partners of SIG, while Stavros Andreadis will become honorary chairman of the Group. Morgan Stanley acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to the Sani/Ikos Group in this transaction.

In a statement, SIG acknowledges that the new alliance with GIC will reinforce its five-year investment plan, which amounts to more than 900 million euros. In this expansion plan, Spain will play a fundamental role with two projects in the short and medium term. The first will arrive in 2023 with the inauguration of the Ikos Porto Petro, located in Mallorca, with 319 rooms and suites. The second will have to wait until 2024, the date on which the extension of the Ikos Andalusia, in Marbella, is scheduled to arrive in Spain, which from that date will have 17 new all-inclusive luxury villas, swimming pools and restaurants.

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