HNA Group agrees to sell Radisson Holdings to Jin Jiang
China’s cash-strapped HNA Group has agreed to sell Minnesota based Radisson Holdings Inc to China hotel giant Jin Jiang International Holding Co.
The deal was expected after Jin Jiang, which is backed by the Shanghai government, made its interest known recently.
No financial details have been disclosed but it is expected to fetch about $2 billion for HNA Group.
HNA has already offloaded about $17 billion in assets after a two-year spending spree saw it snap up major stakes worth a reputed $50 billion in a number of companies including hospitality and aviation brands.
These include Hilton Worldwide Holdings Inc. and NH Hotel Group which have both been sold.
Jin Jiang will fully acquire Radisson Holdings and will first buy a 51% stake in the European based Radisson Hospitality AB.
Jin Jiang will then buy 18.5% of Radisson Holdings from HNA, and then post a tender for the remaining shares.
Jin Jiang also owns 12.3% of France’ Accor SA as well as a controlling stake in Indian hospitality chain Sarovar Hotels.
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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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