Singapore-based hospitality company has brought the 5* venue, which was put on the market in November 2016
Singapore-based CDL Hospitality Business Trust has brought The Lowry for £52.5m, its second UK investment after The Hilton in Cambridge.
The 5* hotel was previously owned by North Low SARL, an affiliate of Westmont Hospitality Group, who brought it for a reported £45m in August 2014. CDL have purchased 100% of the issued share capital and will continue to operate the venue as a standalone hotel.
A favourite for footballers and musicians playing at the nearby Manchester Arena, along with celebrity bashes, The Lowry boasts 165 rooms and a comprehensive range of facilities. Since opening in 2001, it has hosted a procession of famous faces: from Beyoncé and Lady Gaga to the late Muhammad Ali.
In 2015 and 2016, the purpose-built venue underwent a £5m refurbishment on its guest rooms, public areas, hotel spa and six ‘luxurious suites.’ It was put up for sale in November last year.
While it’s estimated the neighbouring Chapel Wharf Dandara development will take three years to complete - no doubt damaging occupancy - CDL saw an investment in its city centre location coupled with Manchester’s ‘buoyant economic outlook’ and rising tourism, which is bolstered by an increasing choice of international flights.
Mr Vincent Yeo, Chief Executive Officer of the Managers, said: “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.”
Adrian Ellis, General Manager for The Lowry, said: “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.
“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.”