Macdonald hotels has abandoned a plan to sell 27 of its properties to a private equity investor in a deal that would have wiped out £190m of its debt.
The group had been due to finalise the sale of the hotels, including the Rusacks Hotel, overlooking the 18th green at St Andrews, the Randolph Hotel in Oxford (pictured) and the Bath Spa by the end of August.
But today it confirmed it had abandoned the plan in light of another offer. A spokesman said: “We decided not to proceed with the negotiations for the sale of 27 properties after receiving a major offer for two of our hotels.
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