China's HNA Group is selling Radisson Hotel Group to a
consortium led by Shanghai-based Jin Jiang International.
The purchase price was undisclosed, though media estimates have pegged it at a
minimum of $2 billion.
HNA acquired a majority stake in Radisson Hotel Group
(formerly known as Carlson Rezidor Hotel Group) in 2016. The Radisson portfolio
currently includes the Radisson, Radisson Blu, Radisson Red, Radisson
Collection, Park Plaza, Park Inn, Country Inn & Suites and Prizeotel
The sale is one of several hospitality divestitures HNA has
made over the past year, as the conglomerate -- which is said to have one of
the largest corporate debt loads in China -- seeks to downsize. HNA announced
it would shed its 26% stake in Hilton Worldwide in April and offloaded shares
of Spain's NH Hotels earlier this summer. In addition to hospitality, the group's
holdings span the airline, financial services and real estate industries.
According to data from STR, the Radisson business will grow
Jin Jiang's footprint to an estimated 344,000 rooms, making it the world's
seventh largest hotel company. Jin Jiang, which also holds a stake in Accor,
has been in expansion mode, purchasing European hospitality company Groupe du
Louvre and India's Sarovar Hotels in 2015 and 2017, respectively.