Jin Jiang will, among other things, buy 51.2% of the outstanding shares in Radisson Hospitality AB for about SEK3bn.
As anticipated, China’s HNA Group has agreed to sell Radisson Hospitality AB and Radisson Holdings to a consortium led by Shanghai-based Jin Jiang International Holdings.
The cash-strapped conglomerate HNA has been selling off various assets, such as Hilton in April and the Spanish group NH Hotels in June.
Under the latest deal, which is expected to close by the end of the year, the Jin Jiang consortium will acquire 51.2% of the outstanding shares in Radisson Hospitality AB for about SEK 3 billion (€288 million), and then 18.5% of the outstanding shares and votes in Radisson AB.
After the share purchase, the consortium would also buy 100% of Radisson Holdings for an undisclosed amount.
Sold and rebranded
HNA bought 100% of US-based Carlson Hotels for an undisclosed sum in 2016, including its 51.3% stake in Rezidor Hotel AB, which was later renamed Radisson Hospitality AB as part of a rebranding earlier this year.
An individual with inside knowledge said that HNA spent more than $2 billion on that transaction, the news agency Reuters reports, but HNA declined to comment.