Macdonald Hotels has announced it will sell a portfolio of 27 properties by the end of August for an undisclosed sum.
The company has signed heads of terms and is in “confidential and exclusive” talks with a major private equity and real estate investor, which it said would leave its remaining business “entirely debt-free”.
The retained business will continue with 11 hotel properties, including the Aviemore Highland Resort and four Monument Leisure hotels, as well as a further nine Macdonald Resorts located in the UK and Spain.
The group’s founder and executive chairman, Donald Macdonald, 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.”
Smith has worked alongside Dnald Macdonald for 47 years and served as the group’s chief operating officer for 18 years. Fraser has worked with Mr Macdonald for 36 years and was finance director at Macdonald Hotels before becoming deputy chairman.
Macdonald added: “I am extremely grateful to have led a team of talented and hardworking people who have built such a significant business, but it’s now the right time to move onto the next stage of the journey.”