Macdonald Hotels is selling its Rusacks property in St Andrews and the Randolph in Oxford, with a previously planned deal to dispose of 27 properties no longer going ahead.

The previously proposed sale of 27 properties, including the Rusacks and Randolph hotels, to a private equity player was revealed by The Herald in June and would have cleared Bathgate-based Macdonald Hotels’ £190 million of debt.

READ MORE: Ian McConnell: Tesla star Elon Musk shows Johnson Brexit has consequences as Tusk offers hope

Macdonald Hotels, which is majority-owned by sector veteran Donald Macdonald, said today that the sale of the two properties to Chicago-based AJ Capital Partners would enable it to reduce debt "significantly" and pursue refinancing options.

READ MORE: Ian McConnell: Brexiters might love Clacton-on-Sea but should their Government have saved Thomas Cook?

Gordon Fraser, deputy chairman of Macdonald Hotels, said: “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.”

READ MORE: Ian McConnell: East Renfrewshire Tory MP ignores Brexit economics to point at SNP

He added: “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.”