HNA to ac­quire stake in Hil­ton

The Myanmar Times - - International Business -

CHI­NESE con­glom­er­ate HNA Group will ac­quire a 25 per­cent stake in in­ter­na­tional ho­tel op­er­a­tor Hil­ton World­wide Hold­ings Inc, an­other move ex­pand­ing HNA’s pres­ence in the sec­tor.

HNA, an avi­a­tion and shipping group, an­nounced in April that it had agreed to ac­quire Carl­son Ho­tels Inc, which owns the Radis­son and Park Plaza brands.

HNA is pur­chas­ing the Hil­ton stake from the in­vest­ment firm Black­stone in a deal val­ued at US$6.5 bil­lion, or $26.25 a share.

That will re­duce Black­stone’s share in Hil­ton to 21 per­cent. HNA also will hold a 25pc stake in Park Ho­tels & Re­sorts and Hil­ton Grand Va­ca­tions af­ter the two com­pa­nies are spun off later this year.

Hil­ton CEO and Pres­i­dent Christo­pher Nas­setta said, “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.” –

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