The Townhouse Hotel in Manchester has been acquired by Singapore-based Fragrance Group for £12.5m, as the company rapidly grows its footprint across the UK.
The 85-bed building first opened as a hotel business in 1982, but was extensively renovated in 2010 and given a new lease of life as a four-star boutique hotel, owned by Harcourt Developments.
It was during this refurbishment that a brasserie, bar and self-contained business centre was added to its offering.
The Grade-II listed property dates back to 1870, when it was formerly a cotton warehouse.
Under its new ownership, The Townhouse Hotel will be managed by Bespoke Hotels.
The acquisition marks the third this year for the Fragrance Group Limited. In January the company bought the Imperial Hotel Blackpool from The Hotel Collection for £12.8m, while in July, it was reported that the group had bought Torquay’s Palace Hotel and pledged to invest ‘millions’ into its transformation.
The Fragrance Group Limited was listed on the main-board of Singapore Exchange in 2005, with its core businesses focusing on real estate, investment and hospitality. Its website states that the company has completed more than 70 projects located at various parts of Singapore.
Martin Rogers, head of UK hotel transactions at Savills, comments: “We are very pleased to have acquired this well-established hotel on behalf of our client. The hotel investment market in the North is performing strongly with transactions totalling £304 million in the first half of this year alone.”