Property developer Fragrance Group on Monday said it has acquired the Townhouse Hotel in United Kingdom for 12.5 million sterling.
The Townhouse Hotel, located at 101 Portland Street, is an 85-bedroom property in the heart of Manchester City Centre.
The Townhouse Hotel was constructed in 1870 and it was converted into a hotel in 1982. The Townhouse underwent an extensive refurbishment programme in 2010 to transform it into a 4-star boutique hotel.
The property is just a 10-minute stroll from from Piccadilly Station and 7 minutes from the Manchester Central convention complex.
The hotel is expected to contribute positively to the Group's results for the current financial year ending December 31 , the company said in a statement.
Fragrance Group also announced the formation of a wholly owned subsidiary in the United Kingdom, known as Fragrance UK-Manchester.
Fragrance UK-Manchester is principally engaged in the activity of a property investment holding company, it said in a statement.
Shares in Fragrance Group ended down 2.4 percent to S$0.161 on the Singapore Exchange. The stock has risen 1 percent so far this year.