The Lowry Hotel sold for £52.5m
The five-AA-star, 165-bedroom Lowry Hotel in Salford has been acquired by Singapore-based CDL Hospitality Trusts for £52.5m.
The site will continue to operate as a standalone hotel.
In September 2014, the hotel was bought from Rocco Forte Hotels by Westmont Hospitality Group and its investment partner Mount Kellett Capital Management for around £40m.
It was put up for sale again in November 2016 following a £5m refurbishment and rebranding project.
Lowry Hotel general manager Adrian Ellis said: "This acquisition reinforces that Manchester is a fantastic business, entertainment and sporting destination, both within the UK and internationally. We welcome the new owners and look forward to the Lowry Hotel continuing as the preferred choice for high-profile guests from the sporting, entertainment and corporate fields.
"The team at the hotel remains the same, and our guests and visitors will receive the same five-star service they are familiar with. This exciting news will only enhance our appeal as Manchester's top hotel."
This acquisition marks CDL Hospitality Trust's second investment in the UK. The company owns 15 hotels and two resorts, totalling 4,912 rooms, as well as a retail mall. Its locations include Singapore, Brisbane, Perth, Tokyo, Auckland, Cambridge and the Maldives.
Vincent Yeo, chief executive of CDL Hospitality Trust, said: "This acquisition reinforces our strategy to invest in markets with robust medium- to long-term growth potential. Manchester is one of the most important cities outside of London with a buoyant economic outlook, and the hospitality market is supported by a strong mix of corporate and leisure demand, particularly in football-related and entertainment, which features prominently for the property. The acquisition of the Lowry Hotel is a unique opportunity for us to acquire an iconic asset while capitalising on a low funding environment."
The Lowry was originally opened by Rocco Forte Hotels in 2001.
For 2016, the hotel recorded a revenue per available room (revpar) growth of 6.9% year-on-year.
The Lowry is up for sale for second time in two years >>
The Lowry hotel completes £4m refurbishment >>
Adrian Ellis returns to Manchester as GM of the Lowry hotel >>
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