A sale and purchase agreement worth $7.2 million has been entered into by GP Hotel Launceston for the site of the Clarion Hotel City Park Grand.
The buyer is a subsidiary of Singaporean developers Global Premium Hotels Limited, the parent company of Fragrance Hotels, which in October announced plans to dramatically change Hobart's skyline with two multi-million dollar hotel projects.
The information about the sale was filed with the Singaporean stock exchange after close on Tuesday.
It is understood the property will continue to be leased to the current hotel operators over a two-year term from the completion of the acquisition.
After the hotel is formally acquired, various options will then be explored, including redevelopment to maximise the property’s value.
The Clarion Hotel City Park Grand is a 32-room property, on 4652 square metres of freehold land and operates as a 4.5-star luxury boutique accommodation in Launceston’s Central Business District.