A Singapore sovereign fund has announced that it will buy a controlling stake in the SIG hotel group that plans to invest in its first hotel in Portugal in the Algarve.
GIC said on Friday that it would buy a majority shareholding in Sani/Ikos (SIG), evaluating the hotel group at €2.3 billion in an operation that should be completed by the end of the year.
SIG, whose main brands are Sani and Ikos Resorts, currently operates 10 hotels with 2,750 rooms between Spain and Greece, but has plans to invest in Portugal between 2024/2025 with the opening of the Ikos Cortesia in the Algarve.
The Singapore fund will buy the shares of funds such as Oaktree, Goldman Sachs Asset Management, Moonstone, Florac and Hermes GPE, states a communiqué from the fund quoted in the international press.
The SIG Group plans to invest €900 million over the next five years.