Blackstone, HNA Shake Hands on $6.5B Deal
ByThe Beijing-based conglomerate has acquired a 25 percent stake in Hilton Worldwide.
Hilton Shanghai Hongqiao, (c) 2016 Hilton Worldwide
Beijing, McLean, Va., and New York—Chinese tourism conglomerate HNA Group has made another major move to expand its reach in the global hospitality market, agreeing to pay about $6.5 billion to Blackstone for a 25 percent stake in Hilton Worldwide Holdings Inc.
The stake will also give Beijing-based HNA Group a long-term strategic investment in Hilton and two spin-off companies planned by Blackstone for later this year–Park Hotels & Resorts and Hilton Grand Vacations. The deal is expected to close in the first quarter of 2017 and will reduce Blackstone’s interest in Hilton to approximately 21 percent. It will give HNA Group 25 percent ownership in Hilton, Park and HGV…
Blackstone, HNA Shake Hands on $6.5B Deal
