SINGAPORE (May 4): The trustee managers of CDL Hospitality Trusts have acquired The Lowry Hotel in Manchester city centre, the UK, for a consideration of £52.9 million ($94.7 million).

The five-star luxury hotel is best known for being block-booked by Manchester United Football Club before each home game so that the team can have a good rest the night before.

The sale and purchase agreement to buy a 100% stake in The Lowry Hotel Limited from vendor North Low S.Á R.L. was signed by indirect wholly owned subsidiary, CDL HBT North. The Lowry Hotel Limited will continue to hold and operate the hotel.

In 2015 and 2016, refurbishment for the guest rooms, public areas, hotel spa and six luxurious suites were carried out.

Units of CDL Hospitality Trusts closed 1 cent higher at $1.54.