Following the shedding of assets in recent months to pay down debts, China’s heavily indebted HNA Group now plans to sell some or all of its US$6.3 billion stake in Hilton Worldwide Holdings, Reuters reported.
The sale was announced on Thursday through a regulatory filing with the US Securities and Exchange Commission, coming just after last month’s sale of stakes in two other Hilton-related companies: Park Hotels & Resorts and Hilton Grand Vacations.
HNA Group bought a 25 per cent stake in Hilton from Blackstone for around US$6.5 billion to become its biggest shareholder in 2016. The Chinese conglomerate currently owns 26.1 per cent of Hilton.
No details were available on when or to whom HNA would sell its Hilton stake, or the size of the divestment, according to Reuters.