Fri, 31 Jan 2014 | BUSINESS SALE
The Lowry Hotel in Salford, Manchester is back on the market, with the owners Rocco Forte Hotels hoping to sell the luxury hotel for £40 million.
The 165-bedroom hotel was previously put on the market in 2007 for £50 million, but was taken off the market in July 2013 after six years of waiting for an offer.
High profile names including Kylie Minogue, Liam Gallagher, Beyonce, Justin Timberlake, Bono, Robbie Williams, Tony Blair and the England football squad have all visited the five-star hotel in the past; a claim not many establishments can make. It has also been described as the best British business hotel outside London.
It is thought that leisure property experts at Christie & Co are advising on the sale. The proceeds from a sale would support Rocco Forte Hotels’ bid to expand into Europe.
Hotel specialists are saying that demand for hotels is now at “unprecedented” levels. Modern hotels such as this one are expected to do well in an improving economy, leading to attractive, and quick, returns on investments and a sale at a profit after a few years.
Built on a site last used for warehousing, The Lowry was the area’s first five-star hotel when it opened in April 2001.
The Rocco Forte Hotels’ director Richard Power told the Manchester Evening News: “Until now we have been testing the market, but now we are into a full sale process. Our preference is to sell the building but retain the management contract, because it’s a really good team at the Lowry, but we will look at whatever bids come in.”
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