MDJM Acquires Fernie Castle Hotel to Initiate the Expansion Strategy to European Market
TIANJIN, China, Aug. 23, 2022 /PRNewswire/ -- MDJM LTD (Nasdaq: MDJH) (the "Company" or "MDJM"), an integrated real estate services company in China, today announced that its wholly owned subsidiary in United Kingdom, MD Local Global Limited ("MD UK"), entered into an Offer to Sell (the "Agreement") with Braveheart Hotels Limited ("Braveheart"), a United Kingdom company, pursuant to which MD UK agreed to purchase Fernie Castle Hotel from Braveheart. The Company believes that the purchase of this hotel, with its historical and cultural value, will be an important initiative for the Company's business transformation and expansion to specialty hotels, tourism and cultural markets in Europe.
Fernie Castle Hotel, located in the heart of Fife, Scotland, is situated in 17 acres of woodlands with its own lochan. Fernie Castle has hundreds of years of history and was passed to the Fernies in the 15th century. The castle consists of an altered 16th century L-plan tower house and has been renovated and expanded multiple times to cater to the expectation of today's visitors while preserving characteristics of the past. The Company intends to position the castle as the headquarters for its business in iconic assets and plans to maximize the castle's unique historical and cultural value through branding and other strategic initiatives.
"We are exceptionally pleased to announce the acquisition of Fernie Castle Hotel, which is a milestone of our strategic implementation of business transformation and international expansion. We believe physical assets play an important role in preserving value against inflation and that, by the time we make considerable progress in the strategic layout of our new business in the European market, our international expansion may become a key growth point. We expect to have stronger execution for our upgraded strategic business plan, discovering and operating more assets with unique historical and cultural value in the future," said Mr. Siping Xu, Chairman and Chief Executive Officer of MDJM.