The Lowry Hotel in Salford has been bought for £53m by CDL Hospitality Business Trust, from North Low SARL, an affiliate of Westmont Hospitality Group.
Singapore-based CDL acquired the five-star hotel by purchasing 100% of the issued share capital of The Lowry.
The hotel has 165 rooms, and is known as the preferred location for footballers and visiting celebrities, as well as musicians performing at the nearby Manchester Arena.
The Lowry was bought by Westmont Hospitality Group from Rocco Forte for a reported £45m in August 2014.
In 2015 and 2016, the guest rooms, public areas, hotel spa and six ‘luxurious’ suites were refurbished.
The hotel will continue to operate as a standalone hotel.
Vincent Yeo, chief executive of CDL, said: “This acquisition in Manchester reinforces our strategy to invest in markets with robust medium to long-term growth potential.
“Manchester is one of the most important cities outside of London with a buoyant economic outlook, and the hospitality market is supported by a strong mix of corporate and leisure demand, particularly in football-related and entertainment demand, which features prominently for the Property. The acquisition of The Lowry Hotel is a unique opportunity for us to acquire an iconic asset while capitalising on a low funding environment.”