Singapore's Fragrance Group buys Blackpool's Imperial Hotel

Singapore’s Fragrance Group——which purchased a private island for resort development and announced two new hotels for Hobart, Tasmania last year—has completed the acquisition of The Imperial Hotel in the UK’s resort city of Blackpool for £12.8 million.

The purchase was made through the company’s Fragrance UK-Blackpool subsidiary, and was financed with internal funds. The deal is expected to “contribute positively” to the company’s current financial year, which ends in December, it said.

The 150-year-old, 189-guestroom hotel has a freehold tenure—the legal right to own a piece of property without any limitations on its use.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

The Imperial Hotel was included in a portfolio sale announced nearly a year ago: The Hotel Collection, owned by private equity firm Lone Star, put 10 UK hotels known as Project Solstice on the market for more than £130 million in April. The full portfolio reportedly generated total revenues of £48 million in 2015.

Fragrance’s shares reportedly dropped 1.2 percent to 17 cents on Tuesday, giving it a market capitalization of about S$1.14 billion. Shares in the property firm have grown by 6.3 percent this year, compared to the 7.4 percent gain in the benchmark Straits Times Index.

Suggested Articles

Wyndham Hotels & Resorts has opened the 63-room Microtel by Wyndham in George, Wash.—the brand’s first hotel to use the Moda prototype.

Hospitality Financial and Technology Professionals is switching October's "Best of HFTP" in-person events to the virtual "Cyber HITEC.…

The communication and operations platform has announced a $10 million extension of its series B funding, bringing the round to $60 million.