Permira-owned Principal Hotels has bought St David’s hotel and spa in Cardiff for £32.5m from Rocco Forte Hotels

The five-star, 132-bedroom hotel, which overlooks Cardiff bay, was on the market through Christie & Co.

Rocco Forte is also selling the Lowry hotel in Manchester in a separate sale.

Principal Hotels was acquired from the Royal Bank of Scotland by private equity firm Permira last year.

CB Richard Ellis Hotels acted for Principal Hotels in the St David’s deal.