MINNETONKA, Minn. — HNA Tourism has entered into an agreement with a consortium led by Jin Jiang International Holdings Co., Ltd. to sell its interest in Radisson Hospitality AB and, subsequently, Radisson Holdings Inc.
The multi-part transaction, valued at approximately $2 billion, will see the consortium acquire 51.15 per cent of the outstanding shares of Stockholm-listed Radisson Hospitality AB. Following the closing of this transaction, it will then acquire 100 per cent of the shares of Radisson Holdings from HNA subsidiaries HNA Hotel HK and HNA Sweden.
This agreement is part of HNA’s larger divestiture of its hotel holdings, having sold off its stake in NH Hotels, most of its Hilton holding and several property assets earlier this year.
With this acquisition, Jin Jiang is set to become the seventh-largest hotel company in the world, according to data from STR.
The transaction is subject to regulatory approvals and other customary closing conditions, and is expected to close by the end of 2018.