Macdonald hotels is to sell 27 properties to a private equity investor in a deal that will wipe out its £190m debt.
It said that the deal, which includes the Rusacks Hotel, overlooking the 18th green at St Andrews, the Randolph Hotel in Oxford (pictured) and the Bath Spa, would be completed by the end of August.
Donald Macdonald, the group's founder and executive chairman, said: "It's been 30 years since I started the business along with my fellow board members Gerry Smith and Gordon Fraser, and it's been a privilege to have shared such an incredible journey with both of them and with so many other fantastic colleagues."
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