Back in January, Hospitality sector specialists at Colliers International predicted that the UK regional hotels market would do well this year. The forecast is proving accurate, with companies seeking out small assets far beyond London. This week, Singapore-based Fragrance Group acquired the 115-guestroom Crown Hotel in North Yorkshire and the 141-guestroom Lyndene Hotel in Blackpool.
These recent acquisitions follow Fragrance's purchase of Manchester's 85-guestroom Townhouse Hotel from Dublin-based Harcourt Developments for £12.5 million from last week. The Townhouse Hotel, which is a Grade II-listed hotel, was built in 1870 as a cotton townhouse. In 1982, it was converted into a hotel. After an extensive renovation in 2010 into a boutique hotel, Macdonald Hotels & Resorts took over management of the property. Savills handled the sales of the Townhouse Hotel and the Lyndene Hotel while Knight Frank handled the Crown Hotel sale.
The three hotels will be operated by Bespoke Hotels, and will bring Fragrance's UK hotel portfolio to five. The portfolio includes the group's February acquisition of the 180-guestroom Imperial Hotel in Blackpool for £12.8 million, which is managed by Redefine BDL, and its July acquisition of Torquay's 141-guestroom Palace Hotel for over £10 million.
Fragrance Group has a portfolio of 21 properties in Singapore under its budget brand Fragrance Hotel. Fragrance is currently developing two hotels with 400 and 495 guestrooms, respectively, in Hobart, Tasmania, Australia.