The deal, which was announced in June and would have seen the proceeds going to repay £195m of loans from Lloyds Banking Group, has been abandoned after the group received a “major offer” for two of its hotels from an unnamed source.
The two hotel sites in question have also not been revealed.
It is believed that with the new deal reducing its debt pile, Macdonald will wish to renegotiate terms on the remaining debt or complete another substantive sale before Lloyd’s January deadline.
A spokesperson for Macdonald Hotels 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.
“This deal is due to conclude before the end of the month and will enable us to substantially reduce the group’s borrowings. It also allows us to take forward discussions on a number of very positive refinancing options for the business, which are actively under consideration.”