The Lyndene Hotel in Blackpool faces a future under new ownership after it was confirmed yesterday that Fragrance Group has nipped into buy the property and handed the management of it to Bespoke Hotels.
The hotel had a guide price of £6.5m and was on the market via international real estate advisor Savills, on behalf of a private vendor.
The four storey hotel features 141 bedrooms plus three bars and two separate lounges and function rooms.
It is arranged as two traditional Victorian blocks, occupying a detached island site on Blackpool’s Central Promenade. Blackpool Pleasure Beach, The Blackpool Tower and many of the town’s other visitor attractions are located nearby.
Singapore-based Fragrance Group has appointed Bespoke Hotels to manage all three of its most recent acquisitions, including the Townhouse in Manchester.
Martin Rogers, head of UK hotel transactions at Savills, said it was no surprise that a buyer was found given how fertile the market currently is.
“The regional hotel market continues to perform strongly in 2017, with the North accounting for 36% of all hotel transactions in the first half of the year. Overseas investors are particularly active as they seek long term income from prominent local hotels,” he said.
Tom Cunningham, hotels director at Savills, added that buyers can see clear investment potential in regional hotels. “The hotel market in the North remains particularly attractive to investors due to the prices and returns available. The Lyndene Hotel ticked all of these boxes and we are very pleased with the strong sale price achieved on behalf of our client.”