Singapore based hospitality trust acquires the Lowry Hotel for £52.5m

lowry hotelTHE five-star Lowry Hotel Manchester has been bought for £52.5m by Singapore-based CDL Hospitality Trusts Ltd.

“This acquisition reinforces that Manchester is a fantastic business, entertainment and sporting destination both within the United Kingdom and internationally,” said general manager Adrian Ellis.

“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.”

Following the deal, the hotel will continue to operate as a standalone hotel.

CDL Hospitality Trust’s CEO Vincent Yeo 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.”

CDLHT currently owns 18 properties with a total of 4,912 hotel rooms, comprising six hotels and a retail mall in Singapore, five hotels in Australia, one hotel in New Zealand, two hotels in Japan, one hotel in the UK and two resorts in Maldives.

The 165-bedroom Lowry Hotel was extensively refurbished after being purchased in August 2014 by Westmont Hospitality Group in partnership with Mount Kellett Capital Management in a deal worth an estimated £40m from previous owners Rocco Forte Hotels. @copy NewspaperTimes - All rights reserved