HNA Group has acquired 15% equity of US-based Red Lion Hotel from a Seattle-based finance group as part of its hotel brand and industry expansion in North America
A fund managed by HNA subsidiary Columbia Pacific Advisors has acquired 2.99 million ordinary shares equivalent to 12.6% equity of Red Lion Hotel.
Based in Spokane Washington State, Red Lion Hotel has 130 medium-sized full service hotels in 31 US states. Its share price rose 29% in the past 12 months, ahead of the 10% growth of S&P 500 index and the 20% growth of the S&P hotel index in the same period.
The acquisition price was not disclosed but estimates based on Red Hotel’s US$7.21 share price at the end of trading on Tuesday put it at US$21.5 million.
Hainan Airlines is increasing its China-US services, and its US air route director Joel Chusid said the San Jose–Beijing service will start this week and its Boston-Shanghai service will start on June 20.(Translation by David)