Macdonald Hotels & Resorts has made more than £400 million through the sale of 24 of its UK hotels.
The privately owned operator has sold the hotels to Moorfield Real Estate Fund. Under the agreement, Macdonald Hotels & Resorts will continue to run the properties on a short term management deal.
It will then bid for the long-term management rights against two unnamed international hotel companies. Macdonald Hotels & Resorts was taken private in 2003 in a £590 million deal backed by the Bank of Scotland.
Executive chairman Donald Macdonald said it was always in the company’s plan to sell some of its hotels since it was taken off the London Stock Exchange.
The company will continue with the development of the remaining 45 hotels and 10 resorts in the UK and Europe.