Stephenson Harwood has advised UK leisure group Macdonald Hotels on the £400m sale of 24 of its hotels to Moorfield Real Estate Fund (MREF).

The firm, led by head of corporate Sharon White, advised on the sale. Macdonald will operate the hotels until a competitive pitch takes place to decide on new management.

Stephenson Harwood has advised the client since it was set up in 1990, including advising on its float on the London Stock Exchange in 1996 and on a management buy-out in 2003.

White was assisted on the deal by real estate partners Robert Newman and Stephen Laud, tax associate Leigh
Sayliss and corporate associate Judith Elgood.

White told Legal Week: "We have been involved with the client for so long; it is great to be involved in a milestone deal for them."

Herbert Smith advised MREF, led by property partner Ian Cox and assisted by head of financial institutions David Willis, corporate partner Mark Geday and tax partner Neil Warriner. McGrigors advised on Scottish property aspects of the deal.