GIC has agreed to buy a majority stake in Mediterranean luxury resort operator Sani/Ikos Group in a buyout that values the company at €2.3bn.
The deal by the Singaporean sovereign wealth group is the biggest in the European hotel sector since the Covid-19 pandemic.
A clutch of investors, including Oaktree Capital, Goldman Sachs and Hermes GPE, will exit the business after selling their stakes to GIC. They first came on board when the hotel group, which owns 10 beachfront resorts in Greece and Spain with around 2,700 rooms, was formed by a merger in 2015.
Sani/Ikos is also pushing ahead with a five-year, €900m expansion plan, which will add four more redeveloped resorts to its portfolio.
