Macdonald Hotels buys two hotels for £34m

07 December 2005
Macdonald Hotels buys two hotels for £34m

Scotland's largest privately owned hotel group, Macdonald Hotels and Resorts, has bought two Scottish hotels for £34m.

The group already had the management contracts at the two properties, which comprise the Holyrood Hotel in Edinburgh and Cardrona Hotel, Golf and Country Club in Peebles.

Macdonald now owns Holyrood outright and has a majority shareholding in the Cardrona.

It has asked original Cardrona shareholder Tom Renwick to become chairman of the Cardrona company.

Donald Macdonald, executive chairman of Macdonald Hotels, also announced a £4m refurbishment programme, the majority of which will be spent on upgrading Holyrood.

He said: "These are significant additions to our portfolio of four-star properties and we believe that both have untapped potential that we will be working hard to realise."

Macdonald owns 75 hotels and ten timeshare and leisure resorts including four in Spain.

By Emily Manson

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