Five-star Lowry Hotel sold for £52.5m

The five-star Lowry Hotel in Manchester has been bought for £52.5m by Singapore-based CDL Hospitality Trusts from North Low SÁRL.

It will continue to operate as a standalone hotel, the new owner said today.

General manager Adrian Ellis 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.”

The acquisition was announced by M&C REIT Management Limited, as manager of CDL Hospitality Real Estate Investment Trust, and M&C Business Trust Management, as trustee-manager of CDL Hospitality Business Trust.

Mr Vincent Yeo, chief executive 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.”