Rocco Forte Hotels puts Manchester's Lowry and Cardiff's St David's up for sale

Rocco Forte Hotels has put the Lowry Hotel in Manchester and the St David's Hotel & Spa in Cardiff up for sale, the group announced today.

The company did not reveal a price for the Lowry – the first five-star hotel in Manchester - and St David’s – a beacon for the rich and famous in Wales - but it is thought to be in the region of £75m for the pair.

Investors will be offered the opportunity to purchase one, or both of the hotels which will continue to be part of Rocco Forte Hotels brand.  Both hotels will be offered with long-term management contracts with Rocco Forte.

Sir Rocco Forte, chairman and chief executive, said: “These sale and manage-back transactions will allow us to continue to build on the success of the Lowry and St David’s, while freeing up funds for our continued expansion on mainland Europe.”

The two hotels will be marketed in the New Year and the proposed sales are being handled by Christie & Co. None of the group’s other hotels will be affected by any deal.

The group has 12 luxury hotels, but is opening a further three in Munich (2007), Sicily (which is part of a planned resort, with the first stages opening next year) and Prague (2008).

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By Daniel Thomas

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