Halkidiki’s tourist map is about to be redrawn. The Sani/Ikos Group (SIG) has announced a €400 million plan to resurrect three legendary properties on Kassandra — Pallini Beach, Theophano Imperial Palace, and Athos Palace — turning decades of faded seaside nostalgia into a gleaming new chapter of ultra-luxury hospitality.
The redevelopment, to be executed by METKA, is scheduled to begin in 2025 and wrap up before the summer season of 2029. When complete, the site will reopen as Ikos Kassandra, a 750-room constellation of suites, villas, and high-design facilities built to five-star precision.
Goldman Sachs Out, Ikos In
The three hotels changed hands on April 1, 2025, when Sani/Ikos acquired them from Goldman Sachs Asset Management. Goldman had bought the properties from GHotels in 2022, planning a €108 million facelift via its Ousia Hospitality platform. Then the bank’s policy on tourism assets cooled, and the project froze.
Sani/Ikos — backed by Singapore’s sovereign wealth fund GIC and known for its smooth all-inclusive luxury formula — stepped in, took over, and instantly scaled the vision to four times the original budget.
Building the Biggest Ikos Ever
Stretching along 600 meters of beachfront, the future Ikos Kassandra will host around 30 restaurants and bars, sprawling leisure spaces, a spa, and full sports infrastructure. Sustainability will headline the design: natural materials, energy efficiency, and a landscape meant to blend into Kassandra’s coastal ecosystem.
“This is among the largest private-sector projects METKA has ever undertaken,” confirmed Dinos Benroubi, the company’s CEO and Vice President. “Construction will start this year and finish before summer 2029, delivering 750 rooms with a modern aesthetic and top-tier amenities.”
Expanding the Empire
For Sani/Ikos, this is no one-off. The group is already building Ikos Kissamos in Chania — a €100-million project slated for 2026 — and rolling out new resorts in Croatia, Portugal, and Italy.
Once the Halkidiki redevelopment is complete, Sani/Ikos will control roughly 5,500 beds in the region, cementing its dominance over the first “leg” of the peninsula — the one closest to Thessaloniki and its international airport.
A new era of seaside opulence is coming to Kassandra. Whether locals call it progress or nostalgia reborn, Sani/Ikos just placed the biggest bet Halkidiki has ever seen.