29 May 2019 12:00
INTOSOL Holdings Plc - Final Purchase Contract for Flagship Hotel SignedINTOSOL Holdings Plc - Final Purchase Contract for Flagship Hotel Signed
PR Newswire
London, May 29
INTOSOL Holdings Plc / Ticker: INTO / Index: LSE / Sector: Travel & Leisure
29 May 2019
INTOSOL Holdings Plc (‘INTOSOL’ or the ‘Company’)
Final Purchase Contract for Luxury Flagship Hotel Signed
INTOSOL Holdings Plc, the award-winning international luxury travel company, is pleased to announce that it has agreed a final purchase contract (the ‘Contract’) for Oceans Wilderness (‘Oceans’), its flagship nine-bedroom boutique hotel located in the Garden Route in South Africa (www.oceanswilderness.co.za) for a final consideration of EURO 1,967,348.28, full details of which are set out below. Oceans is part of the Company’s SOUL Private Collection (www.soulprivatecollection.com), a portfolio of owned and managed boutique hotel properties.
INTOSOL Executive Chairman, 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. Oceans, which has proved extremely popular with guests, reported a strong financial performance in its maiden year of operation (as announced 14 November 2018), underpinning our strategy to increase our margins through ownership of targeted properties and the expansion of our luxury hotel portfolio.
“In line with this, since our IPO in October 2018, we have added three luxury hotels to the SOUL Private Collection: SOUL Llandudno in Cape Town (www.soulonllandudno.co.za) and two hotels in the Garden Route, SOUL Rainbow’s End and SOUL on the Heads. As well as bolstering our boutique hotel portfolio, we continue to develop the Private Travel Design division by enhancing out offering of once in a lifetime travel experiences for our client base of over 15,000.”
The principal terms of the Contract are as follows:
INTOSOL will pay the outstanding balance for Oceans in three tranches to be paid by 28 February 2020 as follows; the first totaling EURO 367,348.28 the second totaling EURO 350,000 the third totaling EURO 1,250,000 Should the Company default on any of the payment obligations set out in (i) above, RSP Beteiligungs GmbH (‘RSP’) (a company owned by Rainer Spekowius, Executive Chairman of the Company) has agreed to provide security to the seller over the amount due in the form of ordinary shares in the Company owned by RSP, equal to the value of the outstanding balance at the time Should (ii) above arise, the seller has the right to sell any ordinary shares in the Company transferred to them by RSP for cash Should (ii) above arise the Board of INTOSOL have agreed to issue new ordinary shares in the Company to RSP in the same quantity transferred to the sellerOceans Wilderness
Oceans received strong reviews across multiple mediums and ranks as one of the top ten properties to visit on the Garden Route. It received a 9.6 rating on booking.com and of the reviews posted on TripAdvisor, 99% were positive. Internal guest research revealed that that over 96% of visitors would book again.
**ENDS**
For further information on INTOSOL visit the Company’s website www.intosolholdingsplc.com or contact:
| Rainer Spekowius Executive Chairman | INTOSOL Holdings Plc | Tel: +44 (0) 20 7236 1177 |
| Claire Noyce (Corporate Broker) | Hybridan LLP | Tel: +44 (0)203 764 2341 |
| Juliet Earl / Gaby Jenner (Financial PR) | St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Notes
INTOSOL Holdings PLC is a London listed international luxury travel company that merges private travel design with hotel management and property ownership to provide bespoke, high-end global travel experiences across the world. Its profitable private design business which blends personal contact with proprietary technology, VIRTOSOL, already services a growing client base of over 15,000 and the Company is focussed on further expansion into English-speaking markets. To increase margin and asset backing, it is building its SOUL Private Collection of leased and owned boutique properties. In line with this, it is in the process of purchasing and developing a number of sites in South Africa including Oceans Wilderness, a luxury nine-bedroom boutique hotel in the Garden Route and a commercial safari lodge in the renowned Leadwood Big Game Estate, one of the premier places to see the Big 5.
The luxury travel market continues to grow and tends to be immune to economic fluctuations, with high-end customers favouring bespoke and exclusive experiences regardless of the greater economic climate. INTOSOL is ideally positioned to capitalise on this trend and execute its growth strategy to become a leading bespoke travel company with an international client base, a global experience portfolio and a range of high-end properties across the world providing high margin revenue and asset backing.