Singapore Investor Fragrance Group Buys Third Blackpool Hotel

Date: September 2018

Location: Blackpool, UK

Name: St Chads Hotel

No. of Keys: 90

Seller: The Whittaker family, who have owned the hotel since 1969. The hotel was built in 1893 as part of St Chads Terrace, and was considerably enlarged by the Whittakers, who bought up adjacent properties on the terrace. The hotel is arranged over four floors, the property also has a sun lounge, sun terrace, lounge bar and piano bar.

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.”

Buyer: 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.”

Erika Willmott, head of hotels and leisure at Lester Aldridge, acted for Fragrance Group.

THPT Comment: Does Koh Wee Meng know something about Blackpool that we don’t? With 20+ hotels in Singapore, he has done really well with this his 7th UK hotel.

First Seen: The Caterer