The five star, 165-bedroom hotel, which was acquired by Westmont Hospitality Group and its investment partner Mount Kellett Capital Management, was first put up on the market in 2007 with an asking price of £50m, but was removed in July 2013.

The hotel was put up for sale again earlier this year, and while the exact figures are undisclosed, the sale price is rumoured to be around £40m. The hotel’s management team will remain the same.

Sir Rocco Forte, chairman of Rocco Forte Hotels, 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 Lowry, its customers, and its new owners the very best for the future.”

Source: http://www.hotelowner.co.uk