Fragrance Group Snaps up Third Devon (6th in UK) Hotel

Date: December 2017

Location: Paignton, Devon, UK

Name: Park Hotel – Three star

No. of Keys: 46

Seller: Private individual

Buyer: 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. Fragrance was advised by Savills.

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.

Price: Undisclosed

THPT Comment: Interesting locations for Fragrance – Blackpool, Manchester, Harrogate and Torquay all make sense…but a second in Blackpool and Torquay and now Paignton clearly look like they want to build a leisure-based collection. Back in Singapore they have 21 hotels, slightly more budget level.

First Seen: The Caterer