The Lowry Hotel in Manchester, UK has been acquired by Westmount Hospitality Group and another investor for £40 million, £10 million less than seller Rocco Forte Hotels put it 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 earlier this year with a reduced price tag of £40 million, reports Busines Sale Report.
Mount Kellett Capital Management joined Westmount in the acquisition of the hotel, which has 158 rooms and seven suites.
Under the existing management team the new owners are set to undergo a series of refurbishments.
Sir Rocco Forte told 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.”