HNA sells stake in Hilton Grand Vacations

HNA HLT Holdco I, an affiliate of HNA Tourism Group Co. and HNA Group, has confirmed the sale of its shares in Hilton Grand Vacations for $1.1 billion, according to an SEC filing.

HNA’s 22.3 million shares in Hilton Grand Vacations sold for $46.25 per share. It held a 25 percent stake.

The company’s leadership is also restructuring as Kenneth Wong has resigned from Hilton Grand Vacations’ board, while HNA has asked Yasheng Huang, its designated independent director at Hilton, to also step down, according to Reuters.

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. The Chinese conglomerate is looking to sell 34.5 million shares at $25.75 each, or about $888 million in total, Park Hotels said in a statement.

HNA has not announced any plans to sell its interest in Hilton Worldwide Holdings, but it could be next as the Chinese company seeks further asset sales to reduce its excessive debt.