Singapore-based Fragrance Group has strengthened its portfolio for the fifth time this year, with the acquisition of the Corbyn Head Hotel in Torquay.
The takeover for the group, which is an investment holding company and property developer with presence in Asia, Australia and Europe, marks its second in Torquay, having acquired the Palace Hotel in the summer for a rumoured £7.5m.
Corbyn Head Hotel has been sold by Rew Hotels, and the three-star hotel comprises 50 bedrooms, a hotel bar, Harbour View restaurant and outside pool.
The property is located close to Torquay, Exeter and Dartmoor National Park.
Martin Rogers, head of UK hotel transactions at Savills, comments: “We are delighted to have secured a new owner for the Corbyn Head Hotel following a successful 18 years under the current owners. The UK regional hotel market continues to remain popular with overseas investors with the group accounting for a significant percentage of hotel transaction volumes outside of London.”
The acquisition follows a long line of takeovers this year, as the Fragrance Group ramp up expansion.
In January, the company bought Imperial Hotel Blackpool from The Hotel Collection for £12.8m, July saw the acquisition of Torquay’s Palace Hotel, Manchester’s Townhouse Hotel was taken over in August for £12.5m and The Lyndene Hotel in Blackpool was acquired in September off a guide price of £6.5m.