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INTOSOL raises €250,000 as it looks to expand SOUL portfolio of luxury hotels

The cash injection will allow INTOSOL bosses to explore “additional opportunities” which are being presented to them as they look to expand the SOUL Private Collection luxury hotel portfolio
sould private collection hotel
CEO Rainer Spekowius said he and his team are in “active discussions over a number of properties”

Luxury travel group Intosol Holdings PLC (LON:INTO) has raised €250,000 (£213,000) from an existing investor.

The cash injection will help fund the continued development of the company’s SOUL Private Beach Collection – a portfolio of owned and managed boutique hotels in South Africa.

READ: INTOSOL adds luxury boutique hotel in South Africa to its portfolio

INTOSOL said it is “actively looking to expand” its portfolio, as demonstrated by the recent signing of a two-year contract to manage a luxury Cape Town hotel called SOUL on Llandudno.

Bosses added that the progress being made in marketing the existing properties is “opening additional opportunities” that the board is looking to act on, assuming they fit the SOUL Private Collection’s stringent criteria.

“We are actively developing the business, particularly the SOUL Private Collection in South Africa,” said executive chairman Rainer Spekowius.

“An existing investor at the pre-IPO phase has increased his stake, demonstrating belief in our company strategy, and we will look to utilise the capital in growing the business.

“We are in active negotiations over a number of properties and look forward to providing and update as developments are made over the coming weeks.”

In return for their €250,000 investment, the existing shareholder received 789,500 new shares.

INTOSOL shares were down 9.1% to 35p on Friday afternoon.

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Intosol Holdings PLC Timeline

Newswire
February 07 2019

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