China’s HNA Group plans to sell “some or all” of its stake in a company that owns dozens of Hilton hotels globally.
HNA Group said in a filing Thursday that it plans to sell “some or all” of its 25% stake in Park Hotels & Resorts (PK), which owns more than 50 Hilton properties across the US, Europe and South America.
Park Hotels was spun off from Hilton Worldwide Holdings (HLT) in January 2017. HNA’s stake is currently worth around $1.4 billion.
The Chinese firm started as a regional airline more than 20 years ago but in recent years went on an overseas spending binge, racking up an estimated $100 billion in debt in the process.
Now it’s selling assets to ease its financial pressures and as Chinese authorities crack down on heavy overseas spending by big companies.
HNA’s empire currently includes a 9% stake in Deutsche Bank (DB) and the Radisson hotel chain.
It also reached an agreement to buy Skybridge Capital, the New York investment firm founded by former White House communications chief Anthony Scaramucci.
