HNA Group, a conglomerate in China and the parent company of the Hong Kong-listed CWT International (HK:0521) (formerly known as HNA Holding), is set to sell its stakes in Radisson Hospitality AB (BE:REZT) to Jin Jiang International Holding Co., a Chinese hospitality giant, Bloomberg reported on Friday.
The government-backed Jin Jiang will acquire over 50% stake of Radisson at a price per share of $3.89. The acquisition is expected to be completed by end of this year, according to Bloomberg, adding that The Belgium-based firm was valued at around $671 million.
HNA bought stakes in Radisson in 2016 and has been involved in updating its brands and expanding its pipeline of development deals. The company has sold over $17 billion of its assets this year. It agreed to sell 30% stakes of aircraft lessor Avolon to Japanese investment firm Orix T (T:8591) for $2.2 billion earlier this week.