29th May 2019 12:33
LONDON (Alliance News) - Intosol Holdings PLC on Wednesday said it agreed a final purchase contract for its flagship boutique hotel in South Africa for EUR12.0 million.
Intosol agreed to acquire Oceans Wilderness, a nine-bedroom hotel, to integrate it with the company's wholly owned SOUL Private Collection.
Executive Chair Rainer Spekowius said: "We are delighted to have agreed the final purchase contract for Oceans Wilderness which when complete, will become our first wholly owned property in the SOUL Private Collection."
He added: "Oceans, which has proved extremely popular with guests, reported a strong financial performance in its maiden year of operation, underpinning our strategy to increase our margins through ownership of targeted properties and the expansion of our luxury hotel portfolio."
Intosol will pay the outstanding balance for Oceans in three tranches, to be satisfied by February 2020.
Intosol shares were trading up 0.4% at EUR0.50 each on Wednesday afternoon.
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