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Singapore investment firm acquires one of Manchester's two five-star hotels

An iconic Manchester hotel has been snapped up by a Singaporean investment firm in a multi-million pound deal.

The Lowry Hotel in Manchester City Centre, which is one of only two five-star hotels in the city, has been acquired by CDL Hospitality Trust in a deal worth £52.5m.

Citing Manchester’s ‘buoyant economic outlook’ and its cultural and retail pedigree as motivations behind the acquisition, CDL also said that the city’s lack of reliance on the financial sector made it a less exposed to the risks associated with the UK’s withdrawl from the EU.

Built in 2001, the Lowry has developed a reputation for luxury in the city with glitzy guests including Beyonce and Lady Gaga, amongst a litany of other dignitaries and celebrities having previously visited the hotel.

Following confirmation of the acquisition, Mr Vincent Yeo, Chief Executive Officer of the Managers, commented: “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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