ONYX TOURISTIKI S.A. today presented to the Union of Institutional Investors the investment plan for the integrated tourist destination it is developing in Sani, Halkidiki.
The presentation was made by the CEO of ONYX, Mr. Leonidas Zisiadis (photo), the Chief Hospitality Officer, Mr. Markos Tzamalis and Mr. Pavlos Ignatiadis, Capital Markets & Institutional Investors.
The project, the relevant announcement notes, constitutes a large-scale integrated destination, which combines a five-star hotel, branded residences, primary agricultural production, a wellness center, a museum and energy infrastructure based on geothermal energy and renewable energy sources.
The core of the project is being developed on a unified privately owned area of more than 600 stremmas in the hinterland of Kassandra, with high agricultural productivity and exploitation rights to the area's geothermal field. In addition, ONYX owns a separate seaside area of more than 70 stremmas, where the development of a beach club is planned with strict environmental specifications.
The hotel component is designed with 546 keys, which include 120 suites and 426 bungalows. At the same time, the development of 228 branded residences is envisaged, 120 villas and 108 smaller residences. The destination's overall ecosystem is complemented by dining, sports and wellness facilities, a winery, an olive mill, a beekeeping unit and a museum where the Georgios Tsolozidis Collection will be housed.
A central axis of the operational design is the gradual extension of the operating season, through different reasons for visiting beyond the summer period. Geothermal energy is planned to be utilized both for the cooling and heating of the destination and for the development of thermal facilities, contributing to the control of energy costs and the creation of a winter tourism product.
Contracted financing structure
The total investment plan amounts to approximately 387 million euros and is structured into two operationally distinct components.
The eligible investment component amounts to 286.966 million euros. Its contracted loan financing amounts to 229.573 million euros, of which 130.439 million euros come from the Recovery and Resilience Fund, with a fixed interest rate of 1%, and 99.134 million euros from bank co-financing through CrediaBank.
The equity contribution amounts to 57.393 million euros, that is 20% of the eligible cost. Part of it is covered by the contribution of privately owned land, at the level recognized by the financing scheme, and the remainder by own funds.
The financing structure is already active. In July, interim financing amounting to 7.8 million euros was activated for eligible study, technical, licensing and preparatory expenses, with partial disbursements against certified eligible expenses and verification by an independent auditor.
The residential component has an indicative development budget of approximately 100 million euros and has a distinct capital cycle, with gradual development and commercial disposal that will be adjusted to actual absorption and the timing of receipts.
The next milestones
ONYX is proceeding with the licensing maturation of the project through ESCHASE, with the next stages being environmental licensing and the issuance of building permits.
At the same time, the company is in advanced discussions with an international luxury hospitality group for the branding, management and operation of the hotel component, as well as for the international promotion of the branded residences.
On the construction side, a Memorandum of Cooperation has been signed with the AKTOR Group and the two parties are moving toward the agreement and the start of Early Contractor Involvement. The goal is the timely assessment of cost, constructability, technical choices and critical supplies before the finalization of the studies.
Based on today's indicative schedule and on the condition of the smooth completion of the institutional, licensing, financing and contractual procedures, the start of the main construction phase is placed in autumn 2027, with a full development horizon of approximately five years from the start of works.
The CEO of ONYX TOURISTIKI S.A., Mr. Leonidas Zisiadis, stated:
“We are not building just another seaside resort. It is a privately owned, large-scale regenerative asset. An ecosystem that combines a five-star hotel, branded residences, primary agricultural production and wellness infrastructure.
At this stage we have already secured four critical elements: the privately owned land, the listing on the Main Market, the contracted financing and the activation of the technical and construction preparation. These are the first tangible results of our consistency.
The market will continue to judge us by the next milestones: the completion of licensing, the agreement with the international operator, the construction start and, ultimately, the operation of the destination with recurring cash flows. Credibility is not declared. It is proven, in practice.”
The presentation concluded with a discussion with representatives of the institutional investment community, focusing on the financing structure, the licensing progress, the role of the international operator, the residential component and the destination's operating model.