HNA Group to sell stake in Hilton | News
HNA Group has revealed it plans to sell some or all of its stake in hotel giant Hilton.
The stake, valued at just over $6 billion, will provide cash for the heavily indebted conglomerate as it seeks to battle a lack of liquidity.
The sale was announced through a regulatory filing with the US securities and exchange commission.
It comes 18 months after China-based HNA bought a 25 per cent share in Hilton for $6.5 billion.
HNA is Hilton’s biggest shareholder and currently owns 26.1 per cent of the company.
No details were available on when or to whom HNA would sell its stake, or the size of the divestment.
HNA sold its 25 per cent stakes in Park Hotels & Resorts and Hilton Grand Vacations in March.
Both stakes were worth a total of $2.5 billion and were sold in the open market.
Hilton is a leading global hospitality company, with a portfolio of 14 brands comprising more than 5,200 properties with more than 856,000 rooms, in 105 countries and territories.
The company’s portfolio includes Hilton Hotels & Resorts, Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Canopy by Hilton, Curio Collection by Hilton, and DoubleTree by Hilton.
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