- Property Details
Property Details [ – ]
|Number of Guest rooms||165|
|Number of F&B Outlets||2 outlets comprising The River Restaurant and The River Bar & Lounge|
|Banquet/Conference/Meeting facilities||8 purpose-built meeting rooms for private events or business conferences and a grand ballroom for up to 400 people|
|Other facilities||1 gym including saunas and a spa|
|Car park facilities||103 car park lots|
|Land area||~2,200 sq m|
|Title||~130 years remaining (1)|
|Vendor||North Low S.Á R.L|
|Purchase price at 4 May 2017||£52.5 million (2)|
|Valuation (3) as at 31 December 2016||£52.5 million|
|Vacant Possession||Owner-operated, free of operator or brand|
- (1)The property sits on long leasehold land, with a 150-year lease granted by Chapel Wharf Limited commencing on 18 March 1997 and later by Acroy Limited as varied by a deed of variation dated 15 November 2016.
- (2)The purchase price of £52.5 million refers to the price of the property and excludes the adjustment for net working capital of £0.4 million.
- (3)The property was valued by Knight Frank as at 28 April 2017 using the Discounted Cash Flow and Direct Capitalisation approaches.
50 Dearmans Place, Salford, Manchester M3 5LH
~2,200 sq m
CDLHT marked its second investment in United Kingdom and in the high growth region of Manchester, with the acquisition of The Lowry Hotel, an iconic 5-star luxury hotel.
The hotel offers 165 rooms and a comprehensive suite of facilities and is located in proximity to the heart of Manchester city centre. It is also within the vicinity of top office developments such as Spinningfields, prominent retail establishments such as Arndale Shopping Centre, one of the busiest retail malls in UK, and entertainment hubs such as Royal Theatre Exchange, the Manchester Opera House and the Manchester Arena.
The Lowry Hotel is also well known throughout United Kingdom and since its opening in 2001, the hotel has hosted many notable celebrities including Beyoncé and Lady Gaga, prominent foreign dignitaries, sports stars such as the late Muhammad Ali as well as prestigious football teams.
In 2015 and 2016, refurbishment was implemented for the guest rooms, public areas, hotel spa and six luxurious suites.
Notable accolades include:
- Best Bedroom CHS Awards 2017
- Best Large Hotel, Manchester Tourism Awards 2014
- Best Hotel at the Downtown in Manchester Business Awards 2013
- Best Hotel in the UK at The International Hotel Awards 2013
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