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Macdonald Hotels set to close £400m asset sale
Lothian-based Macdonald Hotels is reportedly due to receive more than £400m for the 23 hotels it put up for auction in July.
According to The Times, the deal is worth at least £100m more to the hotel group than was previously estimated.
The company is understood to have a shortlist of four parties, including Dawnay Shore Hotels and property investment companies Moorfield and Prestbury.
Although the group also reportedly indicated that it would only consider sale-and-leaseback deals for the properties, it is understood that at least two of the bidders offered up to £450m to buy the hotels outright with vacant possession.
Macdonald currently has 65 hotels in its portfolio and was taken private in 2003 in a £620m deal, backed by Bank of Scotland. Details: www.macdonaldhotels.co.uk
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