HNA to sell 25% stake in 2nd Hilton spin-off for $1.2 billion
Hainan Airlines, the flagship carrier of HNA Group, will take over the group’s hotel business as part of an asset restructuring by the troubled Chinese conglomerate.
Hainan Airlines announced in a filing to the Shanghai Stock Exchange that it would acquire HNA Hotel Group Holdings Limited and an unnamed overseas hotel operator, along with several aviation businesses, from HNA Group.
The company is also in talks to dispose of some or all of its 25 percent stake in Hilton Grand Vacations, according to a report in the Wall Street Journal. The stake sale could bring in as much as USD 1.2 billion to help ease HNA’s financial crisis.
Hilton Grand Vacations is the hotelier’s time-share business and HNA is said to be planning to sell its shares on the market, rather than to a specific partner, according to the Journal account. An announcement of the deal is expected this week.
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