The Lowry Hotel lost more than £3m during the course of the Covid-19 pandemic as it battled with government-enforced closures.
The five-star hotel racked up pre-tax losses of £2.8m in 2020 and £211,000 in 2021, according to recently-filed documents with Companies House. It had previously made a pre-tax profit of £545,000 in 2019.
Its turnover was also slashed from £12.8m in 2019 to £4.1m in 2020 but it rose to £8m after a "very strong" recovery period in the second half of last year.
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Over the course of the pandemic the Salford hotel received more than £1.5m in furlough payments from the government.
The number of people employed by the hotel fell from 207 at the end of 2019 to 183 at the end of 2021.
The hotel added that after the end of 2021 it has returned to profitability.
Over the years the hotel has hosted the likes of Beyoncé, Lady Gaga, Cristiano Ronaldo, Chinese President Xi Jinping and football teams including Manchester United. Jose Mourinho lived in the hotel during his time as manager.
A statement signed off by the board said: "The hotel reopened in May 2021 and the recovery period for the last six months of 2021 was very strong.
"The pent-up demand for celebrations and leisure stays was very evident and this resulted in good occupancies, improved average rates and good spend in the spa, restaurant and bar.
"The onset of the Omicron variant impacted the end of the year and the early part of 2022 with a lower level of business evident in January and February 2022 as a result of the cautious nature of business following the advice from government.
"However since the lifting of restrictions in March 2022, the confidence levels from guests and event organisers has improved and business levels have increased significantly for the spring season and onwards for the remaining months of year 2022."
It added: "The hotel has a superb reputation within the Manchester hotel market and occupies a leading position within the city.
"Over many years of successful operation it has firmly itself as a preferred destination for celebrities, sports teams, top-end corporate guests and for celebrations and special occasions.
"The hotel has been completely refurbished including lobby, bar, restaurant and all bedrooms and suites in the hotel.
"The whole hotel is now well positioned to complete effectively for the years ahead in a very competitive market."
In May 2017, Singapore-based CDL Hospitality Trusts acquired the hotel from North Low SARL for around £53m.
The Lowry Hotel opened in 2001 and has 165 bedrooms.
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