Hainan, China-based conglomerate HNA Group has agreed to sell its interest in the 1,400-venue hotel chain Radisson Hospitality to a consortium led by Shanghai state-owned Jin Jiang International Holdings.
As part of the deal, the consortium will acquire 51.15 percent of the outstanding shares of the Nasdaq Stockholm–listed Radisson Hospitality, which is estimated to be $332 million.
In addition to buying the 51 percent stake in Radisson, the Jin Jiang group has agreed to buy an additional 18.5 percent stake in the company that HNA Sweden pledged and transferred to a lender as security for a loan.
After the shares purchase, the consortium will also acquire 100 percent of Radisson Holdings Inc. for an undisclosed amount.
The acquisition would give the Jin Jiang group control over the Radisson group’s brands, including Radisson, Radisson Blu, Radisson Red, Park Inn and Country Inn & Suites, adding to the more than 6,700 hotels owned or managed by Jin Jiang in China and other locations globally.
This deal would make Jin Jiang the seventh-biggest hotel company in the world, with 344,000 rooms, according to STR.
Jin Jiang also owns a 12.3 percent stake of France-based Accor and Indian chain Sarovar Hotels, following its acquisition of European hospitality provider Groupe du Louvre.
The deal is expected to close at the end of the year.
In late 2016, HNA Tourism Group purchased Radisson Hospitality, which was then known as Carlson Hotels, from the Carlson family.
