HNA Group Looking to Sell $65 Billion Stake in Hilton
China’s HNA Group is looking to sell “some or all” of its 26 percent stake in Hilton Worldwide in an attempt to offload some if its debt.
According to a regulatory filing made Thursday, HNA owns 82.5 million shares with a market value of about US$6.5 billion. If the Chinese conglomerate sells its Hilton Worldwide shares at or near market value, it could potentially earn a profit of more than $2 billion.
According to industry reports, HNA is feeling financial pressure from Chinese authorities who are cracking down on aggressive overseas dealings.
The Group has already sold properties in New York, London, Sydney and Hong Kong, and has reduced its stake in Deutsche Bank AG.
In 2016, HNA bought approximately 25 percent stake in Hilton Worldwide for $6.5 billion, a move that made HNA its biggest shareholder.
Source: Travelweek Group