The company which bought the historic Imperial in Blackpool has swooped on a second resort hotel.
The Fragrance Group, which is based in Singapore and owned by a property billionaire, has moved to buy the budget end St Chads Hotel from the Whittaker family for an undisclosed sum.
The move has been described as a vote of confidence in Blackpool.
The family has owned it since 1969 and for many years it was led by Irena Whittaker.
The hotel, between Woodfield Road and St Chad’s Road has two stars and has billed itself as the resort’s best value family seafront hotel. The four floor property has 90 en-suite rooms as well as a sun lounge, sun terrace, lounge bar and piano bar.
International property advisor Savills represented Fragrance Group in the deal.
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 Agents in Blackpool, which advised the vendor, 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.”Erika Wilmott, at Lester Aldridge LLP, acted for Fragrance Group, which bought the Imperial for £12.8m in 2017.