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The Fragrance Group has acquired The Marine Hotel in Paignton, Devon, for an undisclosed sum, and RBH has been appointed to operate the hotel on behalf of the group.
The hotel originally had a guide price of £1.5m, and was sold by Savills on behalf of private individuals.
The Marine Hotel comprises 53 bedrooms, a 100 cover restaurant and conservatory, bar, lounge and entertainment area with seating for 100. There are also three apartments located within the hotel which are currently used as manager’s accommodation.
In total, the site extends to 0.45 acres and offers 25 car parking spaces and two coach bays.
Additionally, it is located on Paignton’s seafront with sea views across Torbay and towards Paignton Harbour. Torbay Park is located adjacent to the hotel and the Esplanade and beach are a short walk from the hotel, as is the town centre.
Martin Rogers, on behalf of the Fragrance Group, said: “This acquisition of The Marine Hotel is further testament to our confidence in Torbay and the UK Regional Hotel Market.”
Harriet Fuller, associate in the Hotel Capital Markets team at Savills Exeter, added: “We are delighted to complete the sale of this established seaside hotel on a large freehold site following a confidential marketing campaign.
“The Marine is well located within the wider Torbay area and benefits from excellent sea views. We are seeing continued demand in the market from investors seeking well-located hotels, especially those in waterside positions.”
