Monday , October 3 2022

Greek Ico wants to invest 600 million euros to open four hotels in Portugal and Spain – Companies



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The hotel complex Ikos has four hotels in Greece, two of which are located on the islands of Corfu.

The hotel complex Ikos has four hotels in Greece, two of which are located on the islands of Corfu.

With only four hotels in Greece, the Ikos Group has begun its international expansion this year from Spain, with the purchase of the Costa del Sol Princess in Estepona, Andalusia for 75 million euros, and will invest another 75 million euros in total transformation to adapt to standards of the Greek hotel chain. The restart of this unit is expected to take place in 2020.

When presenting the project for the Costa del Sol Princess review on Friday, November 16, Ikos Group leaders announced they plan to invest another 600m euros in four new hotel projects in Portugal and Spain by 2023.

"We are looking for a large area of ​​65,000 square meters with direct access to the beach and where at least 300 rooms can be built and it is important to have a large airport within walking distance," said Andreas Andreadis, CEO of Ikos, adding that he had studied one hundred projects to choose the four that will invest in the next five years.

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