Singapore-based property and investment company Fragrance Group has continued its buying spree of UK provincial hotels with the acquisition of the 46-bedroom Park hotel in Paignton, Devon.
The Park hotel is the third property that the company has bought in Devon this year, alongside the 141-bedroom Palace and 50-bedroom Corbyn Head hotels, both in Torquay.
Fragrance, founded by Koh Wee Meng, one of Singapore's richest businessmen, kick started a string of 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 also acquire the Townhouse hotel in Manchester for £12.5m, the Crown hotel in Harrogate off a guide price of £8.5m and the Lyndene hotel in Blackpool off a guide price of £6.5m.
Located on Paignton seafront, the Park hotel features a lounge, conservatory, restaurant and private dining rooms.
Martin Rogers, head of UK hotel transactions at Savills, said the park hotel is situated in "a prime spot" in the seaside resort and added that the sale highlighted the strong investment currently being experienced by Savills in the UK regional market driven by "increasing numbers of international visitors exploring the UK, coupled with strong domestic tourism".
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