(Yicai Global) Aug. 16 -- China's HNA Group has decided to sell 100 percent of the shares of Radisson Holdings AB to Chinese hospitality giant Jin Jiang International Holdings after HNA acquired the hotel company just over two years ago.
Jin Jiang has struck a deal with Radisson Hospitality to acquire 51.15 percent of the outstanding shares [CPH: RADH] and votes in Brussels, Belgium-based Radisson Hospitality AB -- a listed unit of Radisson Hospitality -- at SEK35 (USD3.8) apiece in a deal expected to close by the end of this year, state-backed online news outlet The Paper reported, citing a company statement issued Aug. 9.
Jin Jiang has also entered into an agreement with HNA Sweden Hospitality Management, an indirectly wholly-owned unit of HNA Tourism Group, to buy up to an additional 18.5 percent of the shares and votes in the target, per the announcement.
Jin Jiang will acquire all the shares in Radisson Holdings from HNA upon completion of the deal.
Headquartered in China's southern island province of Hainan, HNA has been selling off its assets since the start of this year, hungover and with pockets empty after an asset-buying binge over the past few years. This latest equity sale is not the only hotel asset it has dumped lately, however. The company also jettisoned its stake in US-headquartered Hilton Grand Vacations and Hilton Worldwide Holdings from March to April this year.
The once-acquisitive but now chastened HNA has a finger in many pies, including aviation, real estate tourism, financial services and logistics, public information shows.
HNA announced its purchase of Carlson Hotels, which owns a stake in Carlson Rezidor Hotel Group, in April 2016. Carlson Rezidor Hotel Group changed its name to Radisson Hotel Group in March.
Editor: Ben Armour