A new owner has been found for the five-star Lowry Hotel in Manchester, in a multi-million pound deal agreed by current owner Rocco Forte Hotels.
The luxury hotel, popular with celebrities and famous sportspeople, has been acquired by Westmont Hospitality Group and its investment partner Mount Kellett Capital Management.
Its management team will remain the same, although the hotel’s new owners have already committed to a programme of refurbishments to ‘further enhance the quality of the offer’.
The Lowry is located at Salford Quays and is made up of 158-bedrooms and seven suites. It was first put on the market in 2007 with an asking price of £50m, but was removed in July 2013.
It was up for sale once again earlier this year, and while the exact sale price has not been disclosed, it was rumoured to be around £40m.
Sir Rocco Forte said: “I am very proud that we created the Lowry as a first-class hotel in 2001 with an outstanding team and, in the process, played a role in the renaissance which Manchester has enjoyed in recent years. I wish the team at the Lowry, its customers, and its new owners the very best for the future.”
Hotel property specialists Christie + Co were appointed to handle the sale.
Jeremy Hill, director and head of hotels at Christie + Co said: “We are delighted the sale of The Lowry has now been completed. This was a rare opportunity to acquire a trophy hotel in one of the UK’s leading cities and resulted in a competitive bidding process with international interest.
“This sale further underlines the increasingly strong demand for quality provincial UK hotels.”