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China's HNA Group plans to sell stake in Park Hotels - filing

Reuters

HONG KONG, March 2 (Reuters) - Chinese conglomerate HNA Group Co Ltd, faced with liquidity concerns after debt-fuelled 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.

HNA bought a 25 percent stake in Park Hotels as part of its $6.5 billion deal to buy a 25 percent stake in Hilton Worldwide Holdings Inc from biggest shareholder Blackstone Group LP in 2016.

That stake in Park Hotels is currently valued at $1.4 billion.

"The exact timing, manner and terms of any such sale would be subject to market conditions and other considerations," said the Park Hotels filing to the U.S. securities regulator on Friday.

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HNA did not immediately respond to a Reuters request for comment.

In recent months, HNA has raced to alleviate severe financial strain following a $50 billion acquisition spree over the past two years, which has sparked scrutiny of its opaque ownership and use of leverage. (Reporting by Matt Miller and Sumeet Chatterjee Editing by Stephen Coates)