SINGAPORE - Fragrance Group's subsidiary Fragrance UK-Torquay has agreed to acquire a hotel in Torquay, Britain for 7.6 million pounds (S$13.6 million).
The Palace Hotel - located at Babbacombe Road in the seaside resort town in Devon - is one of the largest and most prestigious hotels in Torquay.
The hotel is also the former home of the Bishop of Exeter.
A luxury hotel since the 1920s, it is close to the centre of Torquay, the harbour and beaches.
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The 141-bedroom property offers a fairly large conference and event space catering for up to 1,000 delegates.
Occupying 867,000 square feet of gardens and woodland, the hotel includes two swimming pools, a nine-hole golf course and a restaurant.
The acquisition of the property is not expected to have a material impact on the net tangible assets or earnings per share of Fragrance for the financial year ending Dec 31.
Fragrance shares ended unchanged at S$0.168.