Westmont Hospitality Group has reportedly put its Lowry Hotel in Mancheser, UK, on the market two years after it acquired the 165-room hotel.
The hotel, which is part of Leading Hotels of the World, was acquired by Westmount in September of 2014, having been sold for £40 million by Rocco Forte Hotels. The price tag was £10 million less than the hotel was put on the market for back in 2007.
Rocco Forte Hotels took the hotel off the market in July 2013, and placed it back up for sale again in 2014 with the reduced price tag.
At the time, Sir Rocco Forte told the Manchester Evening News: “I am very proud that we created the Lowry as a first-class hotel in 2001 with an outstanding team and, in the process, played a role in the renaissance which Manchester has enjoyed in recent years. I wish the team at the Lowry, its customer, and its new owners the very best for the future.”
The hotel, which opened in 2001, is being marketed by CBRE.
While London is the center of the UK hospitality industry, Manchester is a bright spot, too. In 2015, InterContinental Hotels Group announced the signing of the two hotels: a 210-room Crowne Plaza hotel and a 116-room Staybridge Suites property, which will open as part of The University of Manchester‘s £1-billion campus development.
Citing a PwC report, the Manchester Evening News predicted that Manchester will soon have some 15,000 hotel rooms, 1,400 of which will be new.
“2014 was a very good year for Greater Manchester’s hotel industry, with occupancy levels outstripping previous records," Nick Brooks-Sykes, director of tourism at Marketing Manchester, said. “There are a number of new hotel operators preparing to enter the market in 2015 and notably many of the city’s existing hotels are currently upgrading their facilities. This investment is very well-timed as the tourism calendar is packed with new developments and drivers.”