INTOSOL Holdings PLC (LON:INTO) shares had some shine to them on Wednesday after the travel firm agreed a final purchase contract for its flagship luxury hotel, Oceans Wilderness.
The group said it will pay around €1.97mln for the nine-bedroom boutique hotel, which is located in the scenic Garden Route area of South Africa.
READ: INTOSOL signs five-year contract for another luxury boutique hotel located on South Africa’s Garden Route
The hotel forms part of the company’s SOUL Private Collection, a portfolio of owned and managed luxury hotels dotted across the region.
INTOSOL’s executive chairman, Rainer Spekowius, said the hotel would become the company’s first wholly owned property in the SOUL collection, adding that Oceans had proved “extremely popular” with guests and delivered a strong financial performance in its maiden year of operation.
He added that the purchase underpinned the group’s strategy of increasing margins through ownership of targeted properties and expanding its luxury portfolio.
In lunchtime trading, INTOSOL shares were up 2.9% at 35p.