
China’s troubled airline-to-hotel conglomerate HNA Group is planning to sell "part or all" of its US$1.4 billion stake in U.S. hotel company Park Hotels & Resort Inc., according to a regulatory filing by the hotel chain.
"The Reporting Persons have determined to pursue a sale, through one or more registered public offerings, of some or all of the Common Stock that the Reporting Persons currently hold," Park Hotels stated in its filing. "The exact timing, manner and terms of any such sale would be subject to market conditions and other considerations."
Park Hotels owns dozens of Hilton hotels and other properties in the U.S. and worldwide. HNA holds 53,651,453 shares in Park Hotel, or 25% of the company. At Thursday’s closing price of US$25.93, that would value the stake at just under US$1.4 billion. Park Resorts shares were up 3.83% in after hours trading.
HNA, whose holdings range from airlines to hotels and financial services, has recently been shedding assets to regain financial stability following a two-year, US$50 billion acquisition spree. Along with other major Chinese companies burdened with excessive debt, such as Dalian Wanda and Anbang Insurance, HNA has faced government criticism and increased scrutiny from analysts.
On Februay 12, HNA informed the Hong Kong stock exchange that it will sell two Hong Kong properties to Henderson Land Development Co Ltd for HK$16 billion (US$2 billion).

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