Debt-laden HNA Group reportedly mulling sale of Radisson Hotel Group
Radisson Hotel Group is reportedly the next in line for HNA Group’s asset sell-off.
The Chinese conglomerate is actively seeking a buyer for Minneapolis-based Radisson according to people familiar with the matter, Bloomberg reports.
HNA acquired the company in 2016 when it was known as Carlson Hotels.
No deal is imminent, the people said.
Talk of a possible sale will not affect Radisson’s current strategy.
"While it has been widely reported that HNA has recently been exploring the sale of some of its assets, we are in a very strong place with our business and remain committed to our go-forward strategy. Any additional questions about a potential sale would need to be answered by HNA," said John Kidd, chief executive of Radisson Americas and Asia Pacific.
Debt-laden HNA Group has been selling off assets to reign in ballooning debts after spending billions on acquisitions.
It spent about $50 billion in strategic investments in just two years, mostly in real estate, aviation holdings and hospitality.
Hainan sold off a stake in Hilton and subsidiary Hainan Airlines said last week it will offload its remaining investment in Brazilian airline Azul.
HNA also owns a majority shareholding in Europe based Radisson Hospitality AB.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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