Torquay’s Palace Hotel has been snapped up by Singapore-based Fragrance Group, who have pledged to invest ‘millions’ into transforming the property over the next few years.
The historic four-star hotel is home to 141 bedrooms, a golf course, swimming pools and tennis courts set in 19 acres, was sold to the group officially for an undisclosed sum, but reports are suggesting the figure was close to £7.5m.
A group spokesman said: “Fragrance Group from Singapore are very pleased to confirm their purchase of The Palace Hotel in Torquay. The group founded by Koh Wee Meng has purchased the property as a closed hotel from the current owners.
“They have exciting plans to redevelop the hotel and invest millions of pounds over the next few years in the project employing local architects and consultants.
“During the construction phase there will be construction jobs for local companies. Once completed the new hotel will offer great opportunities for a significant number of permanent jobs.”
Fragrance Group Limited is an investment holding company and property developer with presence in Asia, Australia and Europe. The company’s development projects include residential, commercial, hotel, and industrial properties.
Earlier this year, it was reported that the group purchased Liverpool’s Municipal Buildings with a view to convert the historical buildings into a four-star hotel, after a hotly-contested bidding war.