HNA sells Radisson
CHINA’S HNA Group has secured the sale of its US-based Radisson Hotel Group for a reported US$2 billion.
Chinese media say the group has been purchased by Jin Jiang International Holidings ( TD 06 Aug), which is already one of the world’s largest hoteliers and holds a 12.3% stake in Accor.
HNA is a part owner of Virgin Australia and has been offloading non-airline assets as part of a major debt reduction strategy.
It has already sold stakes in the Hilton and NH hotel groups this year, along with property developments in Sydney, London and Hong Kong.
Ranked the 11th largest hotel group in the world, the Minneapolis-based Radisson Hotel Group is made up of eight hotel brands with more than 1,400 properties in operation and under development.