Rowsley is partnering with ex-footballers Gary Neville and Ryan Giggs to turn Manchester’s Northern Stock Exchange building into a boutique hotel.
The Grade II listed building, which is located in the city centre, will be “extensively renovated” to provide a hotel, restaurants, events space, a rooftop bar and a gym.
Rowsley will pay £3.2m for a 50% stake in Finestday Limited, the company that owns the property and whose main shareholders include Messrs Neville and Giggs.
Rowsley Chief Executive Officer Lock Wai Han said: “This is one of the most iconic buildings in Manchester and we are excited with its potential.
“The city is at the heart of the UK government’s northern powerhouse initiative to boost economic growth in North England, and we expect our real estate and hotel investments to benefit from the increased business momentum that is already very visible.
“This acquisition is also in line with our strategy to develop and acquire good hotels in choice locations.”
Consent has been granted to develop the property and the hotel is expected to start operating in 2017.
It isn’t the first time for Rowsley to team up with Neville and Giggs.
Earlier this year, the firm acquired a 75% stake in a Manchester Hotel and a London restaurant owned by the ex-Manchester United stars.