Profits up at Lowry Hotel despite refurbishment
Profits at the prestigious Lowry Hotel in Manchester have risen two-thirds despite a major refurbishment programme.
The contemporary hotel, part of the Leading Hotels of The World group, posted pre-tax profits of £1.3 million in the 12 months leading up to the end of April.
That was up 60 per cent on a year earlier, while turnover increased by 1 per cent to £12.7m.
The Lowry, situated on the banks of the River Irwell, underwent a multi-million pound transformation in 2015 and describes itself as Manchester’s first five-star hotel.
It is refurbishing the spa and banqueting suites this year and expects to reap the rewards in the coming years.
It was bought by Westmont Hospitality Group and investment partner Mount Kellett Capital Management in late 2014.
The Lowry Hotel’s general manager Adrian Ellis will speak at BusinessCloud’s breakfast event on the future of Manchester’s hotel sector on Thursday 13th October.
To register an interest in attending the event, please click here.
The event, chaired by BusinessCloud editor and award-winning journalist Chris Maguire, will also welcome several other key speakers.
It will be held at the Radisson Blu Edwardian Hotel on Peter Street in Manchester.You can look inside The Lowry Hotel using the Google Street View tool below.
Last year saw the opening of Motel One, Hotel Gotham, King Street Townhouse, INNSIDE Manchester and Hotel Football while Hilton Hotels, EasyJet, Travelodge and The Topland Group have all announced plans of their own.
Hotels also form a key part of Allied London's £1 billion St John's masterplan and Gary Neville’s and Ryan Giggs’ St Michael's development.
With record occupancy rates in the city, can Manchester’s booming visitor economy sustain even more hotels? And is the future niche or corporate?