Rocco Forte finds a buyer for Lowry Hotel
ROCCO Forte Hotels has sold the five-star Lowry Hotel in Salford to Westmont Hospitality Group and its investment partner Mount Kellett Capital Management.
The sale price was not disclosed but the 165-bed hotel went on the market earlier this year for around £40m.
At the time the average room rate was £170 and occupancy was around 70% giving it revpar (revenue per available room) of £119.
In a statement Westmont said the existing team would manage the venue and it will remain a member of the Luxury Hotels of the World group. But it is not known what brand it will operate under. Westmont is one of Hilton’s and InterContinental Hotels Group’s biggest franchisees.
Hugh Anderson, a hospitality and leisure parter at commercial agent Edward Symmons in Manchester, said: “In the past deals have been driven by a funding impetus such as a restructuring. I think we’re seeing signs of more strategic sales because the London market is extremely hot and there are fewer opportunities for sensible deals that give the returns that most will be looking for.
“There’s definitely a sea change with attention being turned to the provinces and key cities such as Manchester.”
London-based Rocco Forte was keen sell the hotel to focus on sites with more international travellers.
