The Singapore sovereign wealth fund (GIC) has announced that it will buy a majority stake in the Sani/Ikos group (SIG), valuing the hotel group at 2.3 billion euros. The operation should be completed by the end of the year.
SIG, whose main brands are Sani and Ikos Resort, currently operates ten hotels with 2,750 rooms between Spain and Greece, but has plans to come to Portugal between 2024/2025 with the opening of Ikos Cortesia, in the Algarve, according to the hotel chain website.
The Singapore fund will buy shares in funds such as Oaktree, Goldman Sachs Asset Management, Moonstone, Florac and Hermes GPE, reads a statement, quoted by international press.
“We are pleased to partner with SIG in its efforts to strengthen the brand and expand its presence in Europe,” said Lee Kok Sun, director of real estate investments at the sovereign wealth fund. “The group's assets are well located and the team is known for providing excellent hotel experiences. We believe that this investment will bring good returns”, added the official.