Independent hotel group Macdonald Hotels has today confirmed the sale of Rusacks Hotel in St Andrews and the leasehold interest of the Randolph Hotel in Oxford to Chicago-based AJ Capital Partners for an undisclosed sum.
Deputy Chairman, Macdonald Hotels Group, Gordon Fraser commenting on the transaction told us: “This is a superb deal for the business, which allows us to reduce our borrowings significantly while we progress a number of very positive options for the refinancing of the group.
“The scale of the deal reflects both the long-term performance and enormous potential of these landmark properties and I am confident they are in very good hands.”
Macdonald Hotels Group, founded 30 years ago by Donald Macdonald, has grown from its roots in the North East of Scotland to now comprise 39 properties throughout the UK and Spain, employing over 3,000 people.
AJ Capital Partners’ Graduate Hotels brand, launched in 2014, operates 21 hotels in university towns across the U.S., including Athens, Georgia; Ann Arbor, Michigan; Berkeley, California; Providence, Rhode Island; and Seattle, Washington. It announced its first UK project, Graduate Cambridge, in July 2019.
