China's HNA reportedly explores sale of Radisson Hotel Group
Radisson Hotel Group was acquired by HNA in 2016
HNA Group Co. is reportedly exploring a sale of Radisson Hotel Group, Bloomberg reports according to people familiar with the matter. It recently sold its Hilton Grand Vacations Inc. shares for US $1.1 billion.
The Chinese company has been selling off its assets to repay debts.
Radisson Hotel Group has since released a statement emphasising the company's place in the hospitality industry.
"While it has been widely reported that HNA has recently been exploring the sale of some of its assets, we are in a very strong place with our business and remain committed to our go-forward strategy," John Kidd, chief executive of Radisson’s operations in the Americas and Asia Pacific., said in a statement to Bloomberg.
"Any additional questions about a potential sale would need to be answered by HNA,” he added.
Radisson Hotel Group was acquired by HNA in 2016, when it was called Carlson Hotels. The Rezidor Hotel Group was recently renamed to Radisson Hospitality, following the rebrand of Carlson Rezidor Hotel Group to Radisson Hotel Group.
The Hilton Grand Vacations Inc. deal was completed on March 19 and is the second Hilton spinoff brand that the company is selling off. HNA, which started out as an airline company in China, in the recent years went on a buying spree and has an estimated $100 billion (AED 367 billion) in debt.