THE LOWRY hotel has been sold due to 'lack of international business markets', according to Richard Power, Communications Director for the hotel's former owner, Rocco Forte Hotels.
"Manchester has one of the largest airports in the world, but most international travel is business heading out to Abu Dhabi, or Dubai, or America. Not coming in."
"We haven't sold because the hotel was unprofitable," said Power. "We've reviewed the brand and decided to focus on hotels with larger international business and leisure markets."
"Manchester has one of the largest airports in the world," Power continued. "But most international travel is business heading out to Abu Dhabi, or Dubai, or America. Not coming in."
The city's first luxury five-star hotel, opened in 2001 on the Salford side of the River Irwell, has been bought by the Westmont Hospitality Group and its investment partner Mount Kellett Capital Management.
The fee remains undisclosed, but Confidential has been informed that the sum 'was in and around' the £40m mark.
The Lowry's current executive team will retain day-to-day management of the hotel. A refurb is expected.
The Lowry Hotel
The Lowry first went up for sale only six years after opening, with the 165-bed hotel put on the market by Rocco Forte Hotels in 2007 for £50m. The hotel was taken off the market in 2013 following a lack of interest.
Come January 2014 and the hotel is back on the market with a 20% discount, this time valued at £40m. The hotel sold seven months later following the mark down.
We recently took a sneak peak around the hotel's most exclusive room, the Rocco Forte Suite, priced at up to £4,000 a night. The suite has reportedly welcomed the Beckhams, Beyonce, Kylie Minogue, Lady Gaga, Tony Blair, Justin Timberlake and Robbie Williams.
The Rocco Forte Suite
Sir Rocco Forte, Chairman of Rocco Forte Hotels, 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.”
The hotel's buyers, Westmont Hospitality Group - founded in Canada in 1975 - are one of the world's largest hotel ownership and operations companies, with interests in over 500 hotels in three continents.
Across Europe, WHG holds ownership interests in more than 80 hotels consisting of approximately 14,000 rooms, their portfolio includes brands such as the Radisson Blu, Intercontinental, The Hilton, Crowne Plaza, Mercure and Holiday Inn hotels.
The Lowry shall remain part of The Leading Hotels of the World Collection.
The Lowry Hotel
