Singapore-based hospitality firm Fragrance Group has purchased the St Chads Hotel in Blackpool from a private vendor off market for an undisclosed sum.
The property is located on the promenade facing the beach and was previously owned and run by the same family since 1969. Arranged over four floors, the property comprises 90 en-suite rooms as well as a sun lounge, sun terrace, Lounge Bar and Piano Bar.
Martin Rogers, head of UK hotel transactions at Savills, who handled the sale, 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 and hotel specialists in Blackpool, which advised the vendor, added: “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.”