The ONYX Tourism S.A. Today, in the Association of Institutional Investors, the investment project for the integrated tourist destination that it is developing in Sani Halkidiki.
The presentation was presented by the CEO of ONYX, Mr.Leonidas Zisiadis, Chief Hospitality Officer, Mr.Marcos Jamalis and Mr.Paul Ignatiades, Capital Markets & Institutional Investors.
The project is a large-scale integrated destination, which combines hotel five stars, branded dwellings, primary agricultural production, wellness center, museum and energy infrastructure based on geothermal and renewable energy sources.
The main core of the project is developed in a single privately owned area of more than 600 acres inland. Cassandra, with high agricultural productivity and exploitation rights of the geothermal field of the region. In addition, ONYX has an area of more than 70 acres, in which the development of beach club with strict environmental standards is planned.
The hotel arm is designed with 546 keys, which include 120 suites and 426 bungalows. At the same time, 228 branded houses, 120 villas and 108 smaller houses are planned. The total ecosystem of the destination is complemented by catering, sports, wellness facilities, winery, olive oil mill, apiculture unit and museum where the George Tsolozidis Collection will be hosted.
The main axis of operational planning is the gradual expansion of the operating period, through different reasons for visiting beyond the summer period. Geothermalism is planned to be used both for cooling and heating the destination and for the development of thermal installations, contributing to energy cost control and the creation of a winter tourist product.
Contracted financial structure
Total investment The project amounts to around EUR 387 million and is structured into two operationally distinct strands.
The eligible investment arm is EUR 286,966 million. Its contractual loan financing amounts to EUR 229,573 million of which EUR 130,439 million comes from the Recovery and Durability Fund, at a fixed rate of 1% and EUR 99,134 million from bank co-financing through Credia Bank.
The same contribution amounts to EUR 57,393 million, i.e. 20% of eligible costs. Part of it is covered by a contribution from privately owned land, at the level which recognizes the financial scheme and the balance from own funds.
The financial structure is already active. In July, an interim financing of EUR 7,8 million was activated for eligible scholarly, technical, licensing and preparatory expenditure, with partial disbursements against certified eligible expenditure and verification by an independent auditor.
The residential component has an indicative growth budget of around EUR 100 million and has a distinct capital cycle, with a gradual growth and commercialisation that will adapt to the actual absorption and timing of receipts.
The next milestones
Onyx proceeds to the licensed maturity of the project through the ESDC, with subsequent stages the environmental licensing and issuing of building permits.
At the same time, the company is in advanced discussions with an international group of luxurious hospitality for branding, managing and operating the hotel arm, as well as for the international promotion of branded houses.
A Memorandum of Understanding with the AKTOR Group has been signed in the construction arm and both parties are proceeding to the Early Contractor Involvement agreement and launch. The aim is to assess in time the cost, construction, technical choices and critical procurement before finalising studies.
On the basis of current indicative programming and subject to the smooth completion of institutional, licensing, financial and contractual procedures, the start of the main construction phase is set in the autumn of 2027, with a full development horizon of about five years from the start of the work.
The CEO of ONYX Tourism S.A., Mr. Leonidas Zisiadis, stated:
«We're not building another seaside resort. It is a privately owned, large-scale regenerative asset. An ecosystem that combines a five-star hotel, branded houses, primary agricultural production and wellness infrastructure.
At this stage we have already secured four critical data: proprietary land, integration into the Main Market, contractual financing and the activation of technical and construction preparation. These are the first tangible results of our consistency.
The market will continue to judge us from the next milestones: licensing, agreement with the international administrator, construction startup and, finally, the operation of the destination with recurring cash flows. Reliability is not stated. Turns out, in practice.»
The presentation was completed with discussion with representatives of the institutional investment community, focusing on the financial structure, licensing development, the role of the international administrator, the residential arm and the operational model of the destination.
