Macdonald Hotels & Resorts has completed the sale of 24 of its UK hotels.
The hotels have been bought by Moorfield Real Estate Fund for over £400 million, but details of the exact value of the deal were not disclosed.
Under the agreement, the hotels will continue to be run by Macdonald under a short-term management contract. Macdonald Hotels will bid for the long-term contract alongside two international hotel companies.
Executive chairman Donald Macdonald said: “This is a significant transaction for Macdonald Hotels & Resorts and one which we planned to execute when we took the company off the London Stock Exchange and back into private ownership three and a half years ago.”
The properties have a total of 2,511 rooms with conference and leisure facilities.
“It was an expensive but worthwhile exercise for any company to be bought back by its management team and this was completed with the full support of the Bank of Scotland, who now own 50% of the Company,” Macdonald added.
The hotels sold include Albrighton Hall, Shrewsbury, Brandon Hall, Coventry, Castle Hotel, Windsor, Queen’s Hotel, Cheltenham, Thames Lodge, Staines, Wessex Hotel, Winchester, White Hart Hotel, Salisbury; White Horse Hotel, Dorking, and Holland House, Bristol.
The group is left with 45 hotels and 10 resorts in the UK and Europe.
By Bev Fearis
