Fast-growing hospitality operator Fragrance Group has made its seventh acquisition this year, with the takeover of The Park Hotel in Paignton.
The Singapore-based group, which acquired Harrogate’s Crown Hotel in November, has taken over the 46-bedroom Park Hotel for an undisclosed sum to mark the group’s third hotel in Torbay.
Alongside the 46 bedrooms, the property is home to ground floor areas including a lounge, restaurant, conservatory and private dining room.
The Park Hotel will join the Corbyn Head Hotel in Torquay, which was acquired in October for £7.5m and the Palace Hotel, taken over in July, as the three properties in Torbay in the Fragrance Group portfolio.
Martin Rogers, head of UK hotel transactions at Savills, comments: “We are delighted to have secured a new owner for the Park Hotel. Situated in a prime spot on Paignton Seafront, the Park is extremely well located. With increasing numbers of international visitors exploring the UK, coupled with strong domestic tourism, the hotels sector remains buoyant and Savills is continuing to see strong investment into the UK regional hotels market.”
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.
Torquay’s Corbyn Head Hotel was taken over in October while Harrogate’s Crown Hotel was acquired in November.