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Fragrance Group buys Britain's 300-year-old Crown Hotel
MAINBOARD-LISTED property company Fragrance Group has acquired the 300-year old Crown Hotel in Britain for £7.2 million (S$12.7 million).
Announcing the acquisition in a Singapore Exchange filing on Monday, the group also said it has incorporated a wholly-owned subsidiary in Britain, called Fragrance UK-Harrogate, which is principally a property investment holding company and has a paid-up capital of £1 million.
Located at Crown Place in Harrogate, North Yorkshire, Crown Hotel has 115 bedrooms, extensive facilities for conferences, weddings and local events.
It is close to some of Harrogate's most popular attractions including the Turkish Baths, Betty's Tea Rooms, Valley Gardens and the Victorian shopping arcade. Harrogate Rail Station is also a 10-minute walk away.
Fragrance Group said the acquisition of the hotel is not expected to have a material impact on the net tangible assets of the company and the hotel is expected to contribute positively to its results for the current financial year ending Dec 31, 2017.