Sani/Ikos acquires Capsis in Agia Pelagia for full redevelopment
Sani/Ikos Group has completed the acquisition of Out of the Blue Capsis in Crete, planning a full rebuild for reopening in 2029-2030.
According to exclusive information from the "Detective" column, the acquisition deal for the Out of the Blue Capsis Elite Resort in Agia Pelagia, Heraklion, by the Sani/Ikos Group has been completed, at a price of approximately 125 million euros. The resort has already closed and staff have been notified.
Andreas Andreadis is planning not a simple renovation but a full reconstruction of the property, aiming for it to reopen between 2029 and 2030. The property spans roughly 167 acres on a peninsula with direct sea access.
The total investment is expected to significantly exceed the acquisition price, due to the capital required for new facilities and infrastructure. The previous owning company, HPH Pelagia Monoprosopi A.E., reported revenues of 12.3 million euros and losses of 7.5 million euros in 2025.
The move follows the Ikos Kissamos opening and is part of the group's broader investment program in Crete, at a time when Sani/Ikos is simultaneously advancing new resorts in Greece, Spain and Portugal.