INTOSOL Holdings PLC (LON:INTO) has continued its expansion in South Africa, signing a five-year management contract which will see it add SOUL on the Heads, a luxury six-suite operating hotel located in Knysna on the Garden Route to its SOUL Private Collection of owned and managed boutique hotels.
The main market-listed international luxury travel company said the contract, which is subject to a profit share agreement, strengthens INTOSOL’s portfolio following the recent addition of SOUL Rainbow’s End, announced on 19 March, and provides an additional revenue stream for the company.
INTOSOL’s executive chairman, Rainer Spekowius, commented: “Since our IPO in October 2018, we have delivered on our strategy to increase revenues and margins through bolstering our SOUL Private Collection of owned and managed boutique hotels.
“In line with this, we have added three luxury properties to our portfolio and are confident that they will have a significant impact on the long-term profitability of the Company.”
He added: “I am travelling to South Africa this week to oversee the finishing touches to both SOUL on the Heads and SOUL Rainbow’s End and look forward to providing further updates when the official marketing of both properties commences.”