International real estate advisor Savills has sold the Lyndene Hotel in Blackpool to Fragrance Group from a guide price of £6.5m.
The four-storey, 141-room hotel, which was sold by Savills on behalf of a private vendor, features three bars and two separate lounges and function rooms.
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Savills UK hotel transactions head Martin Rogers 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.”
Arranged as two traditional Victorian blocks, the property occupies a detached island site on Blackpool’s Central Promenade.
The Lyndene hotel is located close to Blackpool Pleasure Beach, The Blackpool Tower and several other visitor attractions.
Savills hotels director Tom Cunningham said: “The hotel market in the North remains particularly attractive to investors due to the prices and returns available.
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By GlobalData“The Lyndene Hotel ticked all of these boxes and we are very pleased with the strong sale price achieved on behalf of our client.”
The hotel will be managed by Bespoke Hotels, under its new ownership.
Howard Gill and Tim Gower of CMS Cameron McKenna Nabarro Olswang represented the vendors, while the purchasers were represented by Forsters and Maples Teesdale.
