search

The Real Deal Logo

Trending

Buyer found for “whole kit and kaboodle” at Anchor Steam Brewery Buyer found for “whole kit and kaboodle” at Anchor Steam Brewery Housing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsDevelopers have a new tax break. Now they must figure it outDevelopers have a new tax break. Now they must figure it outGlossier founder is buyer of $22M Brooklyn townhouseGlossier founder is buyer of $22M Brooklyn townhouse
China Watch Page
New York

HNA to sell stake in Park Hotels for $1.24B

Hotel operator to buy back some shares

Chen Feng and New York Hilton Midtown (Credit: Getty Images and Hilton)
Chen Feng and New York Hilton Midtown (Credit: Getty Images and Hilton)

HNA Group’s selling spree continues. The Chinese conglomerate officially put most of its stake in Hilton spinoff Park Hotels & Resorts up for sale on Tuesday and stands to make $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. The secondary offering is expected to close March 9. Meanwhile, Park Hotels is buying back another 14 million shares from HNA at $24.85 each, or around $348 million.

Sign Up for the undefined Newsletter

HNA previously owned 53.7 million shares in the hotel company after buying a 25 percent stake in Hilton Worldwide Holdings and its spinoffs last year.

The Chinese company is struggling under a $90 billion mountain of debt and is looking to save itself by selling assets. It recently sold its office tower 1180 Sixth Avenue for $305 million and is trying to get rid of 245 Park Avenue, which it bought for $2.21 billion in May, as well.

The Real Deal broke down HNA’s sudden fall from grace in its March issue.  — Konrad Putzier

Tags
Commercial Real EstateHiltonHNA Group