HNA selling hotel shares

Updated 2018-03-08 15:44:01

Park Hotel & Resorts Inc announced on Tuesday that HNA Group has begun to sell its holding of 34.48 million shares, with each priced at .75, the company said in a statement.

The offering is expected to close on Friday.

HNA, faced with liquidity concerns after a series of debt-driven acquisitions, plans to sell some or all of its 25 percent stake in Park Hotels & Resorts Inc, the U.S. hotel chain said in a filing, Reuters reported on Friday.

HNA bought a 25 percent stake in Park Hotels as part of its .5 billion deal to buy a 25 percent stake in Hilton Worldwide Holdings Inc from the biggest shareholder Blackstone Group LP in 2016, Reuters said.

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