Revenues that over time can approach 200 million euros annually and EBITDA close to 100 million euros are projected by the long-term reference scenario of ONYX Tourism S.A. for the investment project it is developing in Sani, Halkidiki, with a total value of approximately 387 million euros, aimed at creating a large-scale integrated tourism destination.
According to the assumptions presented yesterday by the listed company's management to the Union of Institutional Investors, for 2030, the first year of the project's initial operating phase, operating revenues are placed at 77 million euros and EBITDA at 30 million euros, with a margin of approximately 39%.
Five years later, in 2035, the corresponding figures rise to 145 million euros and 65 million euros respectively, with an EBITDA margin of approximately 45%, while on the more distant horizon of 2039 the model forecasts revenues of 192 million euros and EBITDA of 95 million euros, with the margin approaching 50%.
The company's conservative reference scenario forecasts for the 546-key resort an initial operating period of 216 days annually, average occupancy below 70% and a weighted average daily rate lower than 600 euros.
The analysis of the 2030 figures also provides the first clear picture of the composition of the destination's revenues. Of the approximately 77 million euros, nearly 48 million euros are estimated to come from hotel rooms and another 4 million euros from the residences' rental pool.
Approximately 11 million euros are estimated to be contributed by food service, 8 million euros by wellness services and approximately 6 million euros by the beach club, events, retail stores and sports activities.
Thus, approximately two thirds of revenues are linked to accommodation and the villas' rental pool and the remaining one third to supplementary activities. For 2030 the model calculates operating expenses of approximately 46 million euros and a replacement reserve of approximately 1 million euros, resulting in EBITDA of around 30 million euros.
The above figures do not include sales of the branded residences, which constitute a separate capital cycle. The residential component, with a development budget of approximately 100 million euros, includes 228 branded units, of which 120 villas and 108 smaller residences, with gross sales product estimated in the region of 175 million euros.
The commercial launch of the residential products is planned to begin in 2029, with the aim of creating cash inflows before the stabilization of hotel operations. The course of sales will be gradual and will depend on actual market absorption.
According to the company's plan, part of the residences that will be sold will be able to be reintegrated into the resort's hotel capacity through a rental pool, adding available capacity to the destination.
The targeting
A critical parameter for achieving the operating figures is the extension of the operating period. “The biggest structural problem of Halkidiki is seasonality. After the end of October, almost all hotels suspend their operations and one of the country's most important destinations remains essentially inactive for several months.
Geothermal energy, the winery and culture create authentic reasons to visit outside peak season. Therefore, we do not base the asset's performance exclusively on higher prices in August.
On the contrary, we seek to broaden the operating period, which in this geography constitutes one of the strongest drivers of efficiency,” stressed Onyx CEO Leonidas Zisiadis (photo).
The first phase, during the period 2030-2032, has been designed around 216 days annually, while from 2033 the transition to 280 operating days is foreseen, with full development of activities and greater penetration into new markets, such as Active Ageing and Biohacking.
ONYX's business plan foresees different reasons for visiting by season: beach and leisure during the summer period, wellness, gastronomy and culture in the shoulder season and Active Ageing and Biohacking products during the months of lower demand.
As described by the company's Chief Hospitality Officer, Markos Tzamalis, the aim is not simply to extend the summer season, but to shape different products for different periods of the year. “We are not simply extending summer. We are creating a different reason to visit in every season”, he noted characteristically.
In the logic of mitigating seasonality, geothermal energy is also expected to play an important role. The listed company holds exploitation rights to the geothermal field for more than 40 years, with the plan providing for use of the geothermal fluid for cooling in summer and heating in winter, reducing energy operating costs. At the same time, its use is also planned for thermal facilities, as an additional reason to visit outside the summer peak.
The timetable
The main construction phase is expected to begin, based on the company's schedule, in the autumn of 2027, while the horizon for full completion extends to approximately five years from the start of works.
However, the project's licensing maturation comes first. According to management, the planning is progressing through ESCHASE, with environmental licensing and the issuance of the required building permits placed within 2027. Therefore, the start of the main construction phase in the autumn of the same year is subject to the smooth completion of all necessary procedures.
On the construction side, a memorandum of cooperation has already been signed with the AKTOR group, with the two sides moving toward Early Contractor Involvement, so that issues of cost, technical choices and procurement can be examined before the finalization of the studies.
At the same time, ONYX is in advanced discussions with an international luxury hospitality chain, which to date has no presence in Greece, for the branding and management of the hotels and residences, as well as for the international promotion of the branded villas.
The financing of the 387 million
The total investment plan amounts to approximately 387 million euros and is divided into two operationally distinct components.
The main eligible investment component amounts to 286.966 million euros. Of these, 130.439 million euros are financed through the Recovery and Resilience Facility at a fixed interest rate of 1%, 99.134 million euros through co-financing by CrediaBank and 57.393 million euros constitute the company's own participation. The relevant financing structure has been contracted, while bridge financing of up to 7.8 million euros has also been activated.
The second component concerns the branded residences, with a development budget of approximately 100 million euros and a distinct capital cycle.
The core of the project is being developed on privately owned land of more than 600 stremmas in the inland area of Kassandra and is complemented by a separate coastal plot of more than 70 stremmas, where the development of a beach club and, at a later stage, a limited number of luxury suites is planned, with strict environmental specifications.
The two hotels will have 546 keys, of which 120 suites in three wings and 426 bungalows in 71 complexes of six units. This specific layout allows, according to the plan, the gradual opening and closing of individual sections depending on the season and demand.
As L. Zisiadis characteristically stated: “We are not building just another seaside resort. We are not interested in reproducing a formula of the past. We are interested in defining the next model of Greek tourism”.
According to him, the logic of the development is to create a broader ecosystem, in which hotel activity will be combined with residences, agricultural production, wellness and land utilization.
The broader ecosystem will be developed across approximately 55,000 sq.m. of built area and will include, among other things, three food service buildings, five common-use facilities buildings, eight retail-use spaces, a wellness and active longevity center, a winery, an olive mill, a beekeeping unit and a private museum.
“Credibility in the market is not built with promises. It is built with milestones that are delivered,” noted L. Zisiadis.
It is recalled that ONYX Tourism was listed on the Main Market of the Athens Stock Exchange last October, transferring the trading of its shares from the Alternative Market.