Fragrance buys again in Blackpool
Fragrance Group, represented by Savills, has purchased St Chads Hotel in Blackpool from a family business for an undisclosed sum, its third acquisition in the town within the last two years.
The selling family had run the hotel since 1969 before doing the deal with Fragrance, which has become a regular investor in North West hotels.
In June, the Singapore-based business submitted an application for an 189-bedroom hotel at Liverpool’s Municipal Buildings, a building it acquired in 2017 along with the £12.5m Townhouse Hotel in Manchester. The hotels in Blackpool Fragrance bought were the Lyndene Hotel, for £6.5m, and the Imperial Hotel, bought for £12.8m in January 2017.
St Chads is marketed as a value family seafront hotel. Arranged over four floors, the property comprises 90 en-suite rooms, a sun lounge, sun terrace, lounge bar and piano bar.
Martin Rogers, head of UK hotel transactions at Savills, said: “St Chads Hotel is a very well established asset that occupies a prominent position in the heart of Blackpool. Coupled with good returns and asset management potential, this made it an appealing investment for our client.”
David Nolan, director at Kays Commercial Estate Agent, advised the vendor. He said: “It provides a really positive statement for Blackpool to see the investment and confidence that Fragrance Group has in adding to its existing hotel portfolio in the town.
“It was a pleasure to deal with them and their advisors together with the St Chads family who have operated the hotel for almost half a century.”
Law firm Lester Aldridge also acted for Fragrance Group.