INTOSOL Holdings PLC (LON:INTO) has completed the first tranche payment of €367,348 for its flagship Oceans Wilderness boutique hotel in South Africa.
The luxury travel firm originally agreed to buy the hotel, which is located in the picturesque Garden Route region of South Africa, for around €1.97mln in May.
The initial payment tranche had been satisfied through the transfer of 938,735 INTOSOL shares to the seller, Van Zuijlekom Afrika Trust.
INTOSOL’s executive chairman, Rainer Spekowius, said the Oceans Wilderness property was “contributing positively” to performance in its maiden year of operation, which underpinned the company’s strategy to increase its margins through “ownership of targeted properties”.
Oceans Wilderness forms part of the firm’s SOUL Private Collection, a portfolio of owned and managed luxury hotels dotted across the Garden Route region.
In early trading on Tuesday, INTOSOL shares were steady at 38p.
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