Fragrance Goup has followed last week’s acquisition of Manchester’s Townhouse Hotel with the purchase of the Lyndene Hotel in Blackpool.
Singapore-based investor Fragrance was represented by Savills on the deal, its second hotel buy in Blackpool this year following the £12.8m acquisition of the Imperial Hotel in January. In the same month, Fragrance picked up Liverpool’s Municipal Buildings.
The guide price for the Lyndene, sold by private investors, was £6.5m.
The four-storey hotel features 141 bedrooms plus three bars and two separate lounges and function rooms. Arranged as two traditional Victorian blocks, it occupies a detached island site on Blackpool’s Central Promenade.
Martin Rogers, head of UK hotel transactions at Savills, said: “The regional hotel market continues to perform strongly in 2017, with the North accounting for 36% of all hotel transactions in the first half of the year. Overseas investors are particularly active as they seek long term income from prominent local hotels.”
Tom Cunningham, hotels director at Savills, added: “The hotel market in the North remains particularly attractive to investors due to the prices and returns available. The Lyndene Hotel ticked all of these boxes and we are very pleased with the strong sale price achieved on behalf of our client.”
The property will now be managed by Bespoke Hotels.
The vendors were represented by CMS Cameron McKenna Nabarro Olswang, whilst the purchasers was represented by Forsters and Maples Teesdale.