The Lowry Hotel has been purchased by Singapore-based CDL Hospitality Trusts for £52.5 million.
It is CDL’s second UK investment following its purchase of The Hilton in Cambridge. Its hospitality portfolio includes businesses in Singapore, Australia, Japan, New Zealand and The Maldives.
With its close proximity to major developments in Spinningfields, Victoria Station, NOMA, and MediaCityUK, and with more and more London-based businesses making the move to the north, CDL CEO Vincent Yeo saw the benefits of expanding their portfolio with the purchase.
“This acquisition in Manchester 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 demand, 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.”
Manchester’s first five star hotel opened in April 2001 and offers 165 rooms, suites, public bars and restaurants, as well as its own spa. It has undergone major refurbishment in the last two years and regularly plays host to many high profile celebrities from across the globe.
It was the first five star hotel in Manchester and is one of only 20 hotels in the UK to be part of global luxury hotel consortium Leading Hotels of The World.
The hotel saw a 6.9% growth in revenue for the year ending 2016 and has the highest average daily rate per room in Manchester.
Hotel general manager Adrian Ellis said the team will remain the same, with guests receiving the same five-star service they have become accustomed to.
“This acquisition reinforces that Manchester is a fantastic business, entertainment and sporting destination both within the United Kingdom 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.
“This exciting news will only enhance our appeal as Manchester’s top hotel.”