Chinese tourism conglomerate HNA Group has announced its intention to sell some or all of its US $6.5b stake in Hilton.
HNA is the largest shareholder in Hilton, with a stake of more than 25 percent. It bought into the company just over a year ago with its acquisition of the holding previously held by US private equity company Blackstone for the same price it is now planning to sell its share of the iconic global group.
Earlier this year, HNA sold the shares it bought in Park Hotels and Hilton Grand Vacations through its Hilton acquisition.
It is believed that the heavily indebted Chinese group is looking to offload a number of assets in an attempt to balance its books.
Hilton has more than 5,200 hotels worldwide operating under 14 brands, including Waldorf Astoria, Conrad, Hilton Hotels & Resorts, Doubletree by Hilton and the Tapestry Collection.
Hilton has not responded to HNA’s announcement.
