Chinese conglomerate HNA Group has plans to sell portions of its $6.5 billion stake in Hilton Worldwide, as previously reported in IREN.
The sale was confirmed in a regulatory filing.
If HNA manages to sell its Hilton Worldwide shares at or near market value, the Chinese company stands to walk away with a profit of more than $2 billion, according to CNN.
HNA bought its quarter stake in Hilton Worldwide for $6.5 billion in 2016, which later split into three different stakes when Hilton split itself into three publicly traded entities the following year. The Chinese company ended up with holdings in Hilton Worldwide, Hilton Grand Vacations and Hilton Park Hotels & Resort.
HNA Group sold its shares in Hilton Grand Vacations for $1.1 billion. HNA Group also has plans to sell “some or all” of its stake in Park Hotels & Resort, another Hilton spin off, for $1.24 billion.
