Aloft Liverpool Hotel sold to Singapore's Fragrance Group for around £12million

Fragrance Group, which continues to expand into the hotel market, bought the hotel after being ordered to tender for £12 million. Joint agents Colliers and CBRE, which worked out the terms of the deal on behalf of the seller North John Street, did not specify the precise sales price.

The building was built in 1900, home to the Royal Insurance Company and then renovated into a 116-bedroom four-star hotel. Aloft Liverpool remains managed by RBH Hospitality Management, who already owns and operates six Fragrance Group hotels in the UK.

Julian Troup, director of hotels at Colliers, said: 'Our instructions were to proceed in a confidential manner, and unsurprisingly significant interest was soon generated in this iconic hotel. Martin Rogers of Global Hotels & Leisure Consultancy representing the Fragrance Group said: "This was another strategic acquisition for The Fragrance Group in the UK.

Mr Koh first visited Liverpool in 2018 and subsequently purchased The Municipal Building from Liverpool City, which we are now converting into a luxury 186-bedroom Hotel due to open in October next year. Shaun Skidmore, CBRE 'We undertook a robust process utilising our UK and overseas platform to conclude the sale on behalf of North John Street LLP.