INTOSOL Holdings PLC (LON:INTO) has signed a management contract for the SOUL Rainbow’s End luxury hotel in South Africa, which its executive chairman said could be its “most spectacular property yet”.
The group, which specialises in bespoke luxury holidays, said under the two-year agreement it would manage and market the three-bedroom hotel worldwide, with all profits subject to a sharing agreement.
Rainbow’s End is located in the Garden Route, an area on the southern coast of South Africa that is known for its natural beauty. The hotel itself is in Knysna, a seaside town at the heart of the region.
Rainbow’s End would be added to INTOSOL’s SOUL Private Collection of owned and managed boutique hotels.
It is the second South African hotel the firm has added to its portfolio since listing on the London Stock Exchange in October, having previously signed a two-year contract to manage the SOUL on Llandudno in Cape Town, one of the region’s top surfing spots.
Rainer Spekowius, executive chairman of INTOSOL, said the hotel would provide a new revenue and profit stream for the firm, with a longer-term opportunity for future expansion.
“Additionally, we continue to assess other opportunities for the development of the portfolio. I look forward to providing updates on SOUL Rainbow’s End and across our SOUL Private Collection in the coming weeks”, Spekowius added.
In mid-morning trading Tuesday, INTOSOL shares were steady at 35p.
--Adds share price--