The five-AA-star, 165-bedroom Lowry hotel in Salford has been out up for sale for an undisclosed sum, just over two years after it was sold by Rocco Forte Hotels.
Located a few minutes from Manchester city centre, the property was bought by Westmont Hospitality Group and its investment partner Mount Kellett Capital Management in September 2014, off a sales price of around £40m.
The hotel has since undergone a £5m refurbishment and a rebranding as an independent property under its current ownership, directed by general manger Adrian Ellis. New facilities include a new QMS Medicosmetic spa and six riverside suites inspired by the work of Oldham-born artist Alan Rankle and created by interior design practice Arney Fender Katsalidis.
Ellis said on the completion of the hotel's new look: "We are the only hotel in the city centre named after an artist, and we are proud to celebrate not only LS Lowry, renowned for his depictions of Salford, but also work with and display contemporary artists and photographers."
The Lowry was originally opened by Rocco Forte Hotels in 2001. According to its latest financial results, lodged at Companies House, the property achieved revenue of £12.7m for the 12 months to 30 April 2016, up from £12.5m the previous year, with pre-tax profit at £1.3m (up from £800,000).
Westmont Hospitality Group was founded by Majid Mangalji in 1975 and today is believed to be one of the largest privately owned 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, Wyndham and Best Western.
CBRE has been appointed as sole selling agent for the hotel.
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