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.
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