The five-AA-star, 165-bedroom Lowry hotel has been sold by Rocco Forte Hotels to the Westmont Hospitality Group and its investment partner Mount Kellett Capital Management.
While the selling price was not revealed, The Caterer reported in January that the hotel, located in Salford, a few minutes from Manchester city centre, was being put on the market for more than £40m.
At the time of announcing the sale of the property, Rocco Forte Hotels said it hoped to retain a management contract to run the hotel under new owners.
Instead, the existing executive team, headed by general manager Peter Kienast, will continue to operate the hotel under the Lowry name as an independent property, which will remain a member of the Leading Hotels of the World consortium.
The hotel's sale is part of a strategic review of the Rocco Forte brand, which is focused on retaining ownership of only hotels in major international cities, allowing it to expand into more capital cities across the globe.
Sir Rocco Forte said: "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 customers, and its new owners the very best for the future."
Established by Sir Rocco in 1996, Rocco Forte Hotels now comprises two properties in the UK: the Balmoral in Edinburgh and Brown's in London, as well as eight overseas including the Hotel de Russie, Rome; Hotel Savoy, Florence; Hotel Astoria, St Petersburg; Hotel Amigo, Brussels; Villa Kennedy, Frankfurt; Hotel de Rome, Berlin; the Charles hotel, Munich; and Verdura Golf & Spa Resort, Sicily. It has plans to open a further hotel in Jeddah, Saudi Arabia.
The Westmont Hospitality Group was founded by Majid Mangalji in 1975 and today is believed to be one of the largest privately own companies in the sector with more than 500 hotels, operating both independently and under a diverse portfolio of brands from InterContinental Hotels Group, Hilton Worldwide, Accor, Starwood, Wymdham and Best Western.
Christie & Co advised Rocco Forte Hotels on the transaction.