A huge cash injection which could see four new hotels in Torbay built by the Singapore-based Fragrance property and investment group has moved a step closer.
A new application has been submitted to planners to knock down the historic Palace Hotel in Torquay and replace it with a towering 11-storey hotel.
The new development would see an ultra-modern, 248 bedroom hotel erected as well as 38 new houses.
The four hotels which form the £100million investment represents the biggest spend ever in Torbay's faded hotel industry.
The Fragrance Group, which also has holdings elsewhere in the UK and in Australia, is in the process of redeveloping three key tourism areas in Torbay - the Palace Hotel plot at Babbacombe, the prime seafront Corbyn Head Hotel spot in Torquay and the twin Park Hotel and Lighthouse locations on Esplanade Road, overlooking Paignton Green.
Martin Rogers of Global Hotels and Leisure Consultancy, who introduced the Fragrance Group to the possibilities in Torbay, said: “The Fragrance Group is investing over £100million in four brand new hotels for Torbay.
"This is a significant private investment which will provide a catalyst for the much needed regeneration of the area, both in terms of brand new accommodation and facilities for visitors as well as employment for local people.”
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