China travel firm buys chunk of Hilton
Hainan Airlines’ parent HNA Group is to take a 25% stake in Hilton Worldwide as both companies look to tap the growing outbound Chinese travel market.
HNA is buying the stake from affiliates of Blackstone for around $6.5 billion. Blackstone’s stake in the hotel chain will be reduced to 21% as a result of the transaction, which is expected to complete early next year.
Following Hilton’s previously announced spin-offs of Park Hotels & Resorts and its timeshare business Hilton Grand Vacations, HNA will own approximately 25% of all three companies.
The agreement allows HNA to appoint two directors (one HNA member and one independent member) to Hilton’s Board of Directors, bringing the total to 10 members.
The Chinese travel giant HNA has agreed to certain restrictions on its ability to sell any of its interest in Hilton for a two-year period, and to limitations on its ability to acquire more than 25% of Hilton’s outstanding shares without Hilton’s consent.
Blackstone will continue to have two seats on Hilton’s Board, including Jon Gray who will remain chairman.
“We are pleased to welcome HNA Group as a long-term investor and strategic partner,” said Christopher J. Nassetta, president and CEO of Hilton.
“HNA Group has a broad portfolio of successful travel and hospitality businesses and a proven track record of creating value in this industry.
"We believe this mutually beneficial relationship will open new opportunities for our brands and guests around the world, particularly in light of HNA’s strong position in the fast-growing Chinese travel and tourism market, the largest outbound travel and tourism market in the world."
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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