Rocco Forte puts The Lowry Hotel up for sale

Rocco Forte Hotels has put the Lowry Hotel just outside of Manchester, England, on the market for around £40 million, around $66 million. The London-based group wants to sell the 165-room hotel to focus on sites with more international travelers, reports UK's Business Desk.

The group will look to sell the property but maintain the management contract.

The hotel was first placed on the market in 2007, but taken off the market last July after six years in which no offer was accepted, reports C&IT.

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The hotel reportedly has an average room rate of £170 and an occupancy of around 70 percent. 

Rocco Forte Communications Director Richard Power said: "Our preference is to sell the building but to be retained as the management company marketing and managing the hotel, which is quite a common way of doing it. But we'll look at all the bids, whether they're with a management contract or vacant possession. We did have an informal test of the market which suggests a value north of £40m as the market is strengthening for hotels at the moment."

He said cash from a sale would be used to strengthen the balance sheet and fund expansion in mainland Europe.

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