HNA to sell shares in Hilton spinoff

Chinese conglomerate HNA Group has plans to sell a portion of its 25 percent stake in Hilton’s spinoff’s Parks Hotels & Resorts, according to an SEC filing.

HNA Group’s stake is estimated to be $1.4 billion.

The Chinese firm bought a quarter of Hilton Worldwide Holdings, Hilton Grand Vacations and Park Hotels for approximately $6.5 billion from Blackstone Group in October 2016.

The disposal comes after HNA Group made several other recent sales, part of HNA Group’s plan for its creditors to sell about 100 billion yuan ($16 billion) of assets during the first half of the year, according to Bloomberg.

Recently, HNA Group subsidiary Hong Kong International Construction Investment Management Group Co. sold two residential parcels in Hong Kong for $2.17 billion to Henderson Land Development Co.

And separately, HNA Group sold part of its stake in Deutsche Bank for approximately €300 million ($375 million).