Fragrance Group has snapped up St Chads hotel in Blackpool for an undisclosed sum.
The Singapore-based property and investment company bought the 90-bedroom property from the Whittaker family, which has owned the hotel since 1969. Arranged over four floors, the property also has a sun lounge, sun terrace, lounge bar and piano bar.
The hotel was built in 1893 as part of St Chads Terrace, and was considerably enlarged by the Whittaker family, who bought up adjacent properties on the terrace.
Fragrance, founded by Koh Wee Meng, one of Singapore's richest businessmen, kick started a string of UK acquisitions in February when it bought the four-AA-star, 180-bedroom Imperial hotel in Blackpool for £12.8m. It has since gone on to acquire the Lyndene hotel in Blackpool off a guide price of £6.5m as well as the Townhouse hotel in Manchester for £12.5m and the Crown hotel in Harrogate off a guide price of £8.5m.
Martin Rogers, head of UK hotel transactions at Savills, said: "St Chads hotel is a very well-established asset that occupies a prominent position in the heart of Blackpool. Coupled with good returns and asset management potential, this made it an appealing investment for our client."
David Nolan, director at Kays Commercial Estate Agents, which advised the vendor, added: "It provides a really positive statement for Blackpool to see the investment and confidence that Fragrance Group has in adding to its existing hotel portfolio in the town."
Erika Willmott, head of hotels and leisure at Lester Aldridge, acted for Fragrance Group.