BATHGATE, United Kingdom — Macdonald Hotels, Bathgate, United Kingdom, has acquired the Heritage Hotel chain, a brand located predominately in south England, for approximately $336 million from Compass. Macdonald Hotels outbid rivals Orient Express Hotels and Hand-Picked Hotels to obtain the brand, which is comprised of 48 upscale and mid-market hotels with more than 3,000 rooms.
To win the bid, Macdonald Hotels entered into a joint venture with Bank of Scotland that gives the bank the option to purchase more than 3 million new shares of the company at a price of 167 pence per share.