Hilton unveils sale of 25% stake to China's HNA

Tuesday, 25 October 2016 - 11:02

HNA paid $6.5bn for the stake previously owned by Hilton's biggest shareholder Blackstone.

Chinese companies have increasingly been investing in tourism-related businesses overseas as more Chinese citizens travel abroad.

This latest move by HNA is part of the group's efforts to become a "global tourism business," said the company's chief executive Adam Tan.

HNA announced in April that it had agreed to acquire Carlson Hotels, which owns the Radisson and Park Plaza brands.