The Lyndene Hotel on the Central Promenade was sold by real estate advisor Savills on behalf of a private vendor off a guide price of £6.5m.
Arranged as two traditional Victorian buildings occupying a detached island site, the four-storey hotel has 141 bedrooms plus three bars and two separate lounges and function rooms. It will be managed by Bespoke Hotels.
It is the fourth deal completed by Fragrance in the North West this year following the property company’s purchase of the four star Townhouse Hotel in Manchester city centre from Harcourt Developments for £12.5m and Imperial Hotel in Blackpool for £12.8m
The group also acquired Liverpool’s former Municipal Building which it plans to transform into a four star hotel.
Martin Rogers, head of UK hotel transactions at Savills, said: “The regional hotel market continues to perform strongly in 2017, with the North accounting for 36% of all hotel transactions in the first half of the year.
“Overseas investors are particularly active as they seek long term income from prominent local hotels.”
Tom Cunningham, hotels director at Savills, added: “The hotel market in the North remains particularly attractive to investors due to the prices and returns available. The Lyndene Hotel ticked all of these boxes and we are very pleased with the strong sale price achieved on behalf of our client.”