The amount of investment being injected into by a Singapore-based property developer tots up to £30 million more than first thought.
The Fragrance Group has bought up four sites in the English Riviera on which they will build state-of-the-art hotels.
The four hotels represent the biggest investment ever in
Speaking at the Business Forum's Business Breakfast on March 3, Martin Rogers, MD of Global Hotels and Leisure Consultancy, explained the huge investment his client The Fragrance Group is committing to the area.
He also gave some dates for completion of the four hotels, as well stating that full time permanent jobs for 'the kids of the Bay' could be created.
Mr Rogers said: "One of the things that is a myth is the £120 million [investment]. It's going to be about £150 million by the time we've finished the four hotels."
He added: "I think that the commitment of a man from Singapore to come and build four hotels in Torbay is extraordinary and I don't think we would ever find it ever again from anybody else, and that's after 40 years in the business myself."
The Fragrance Group was founded by Dr Koh Wee Meng - also known as James Koh - who has as extensive knowledge and experience in the property and hotel industries with more than 25 years of experience.
Most Read
The Group has a global presence - it has hotels in Asia, Australia and several in the 海角视频 - including the Duke of Cornwall in Plymouth.
The developers bought up the , the prime seafront Corbyn Head Hotel spot in Torquay and the twin Park Hotel and Lighthouse locations on Esplanade Road, overlooking Paignton Green.
The Palace is expected to be completed by 2023, Park Hotel in August 2021, the Lighthouse in September 2021 and Corbyn Head will take between 18-22 months to build when it gets started.
In total, the four hotels will provide more than 600 rooms.
Having been born in Torbay and with his parents owning a hotel in the area for 14 years, Mr Rogers is passionate about securing long term jobs and opportunities for people in the Bay.
From the architects to the demolishers, all involved in the projects are based in the Westcountry, he said.
The twin hotels at Paignton will be run by Accor Hotels, with the Park Hotel replacement (161 rooms) under the 4-star Mercure brand and the hotel on the Lighthouse site (119 rooms) under the 3* Ibis Styles brand.
Don’t miss
The room heard that a 5* operator will be appointed for the Palace Hotel - but we don't yet know which brand that will be. There will be 248 rooms, conference rooms, and a "full blown spa". Planning consent has also been put in for 38 residential houses.
Corbyn Head will have 150 plus rooms and will also be operated by a global brand.
"One of the things about using global brands from a local point of view and as someone who has been in the industry all my life, is that there's going to be opportunities for the kids of the Bay to go and create a career in hospitality," Mr Rogers said.
"Once you're into the Accor or Hilton family, then there are opportunities to go and have a job elsewhere in the world."
When asked about staffing the four hotels, Mr Rogers said he has been in touch with the local college which is running more catering and hospitality courses in anticipation of the job swell. He added that the hope was that the jobs within the hotels would become "proper jobs for the kids going forward and not just part time holiday jobs and seasonal jobs".
What we know about the Singapore-based Fragrance Company
Singapore-based property and investment company Fragrance Group Limited has been on a buying spree in South Devon buying four properties in the area.
The Lighthouse was the latest property understood to have been added to the Devon portfolio of the international group.
The company has already bought the four star Palace Hotel in Babbacombe which is set in 19 acres of land in one of the Bay's most expensive areas of real estate.
It has also bought the Corbyn Head Hotel overlooking the seafront in Torquay and the 46-bedroom Park Hotel in Paignton – next door to The Lighthouse.
The Singporean company started building its string of acquisitions across the 海角视频 in February last year, when it bought the four AA-star, 180-bedroom Imperial hotel in Blackpool, for £12.8million.
It has since gone on to purchase the Townhouse hotel in Manchester for £12.5million, the Crown hotel in Harrogate with a guide price of £8.5m and the Lyndene hotel in Blackpool at a guide price of £6.5million.
Owned and run by one of the richest men in Singapore, Koh Wee Meng, Fragrance Group has completed more than 70 projects in Singapore alone, and extended their operations to include the 海角视频 and Australia.