Lowry Hotel bought by Singaporean investment trust

George Sell George Sell Uploaded 05 May 2017

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UK: The Lowry Hotel in Salford has been bought by CDL Hospitality Trust for £52.5 million.

Vendor Westmont Hospitality Group and its investment partner Mount Kellett Capital Management bought the property in 2014 in a deal thought to be worth around £40 million.

The hotel has since undergone a £4 million refurbishment including a complete makeover of its 165 rooms, spa and banqueting suites.

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."

Vincent Yeo, CEO of CDL Hospitality Trusts, 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."

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