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China's HNA Group has agreed to sell Radisson Hospitality AB and Radisson Holdings to a consortium led by Jin Jiang International Holdings Co. The possible divestiture of Radisson by HNA had been the subject of speculation in recent months as the Chinese conglomerate began selling off its stakes in other hospitality interests, including Hilton and its spinoffs in April, as well as Spanish hotel group NH Hotels and RLH Corp. in June.
Radisson Hospitality issued a media release on Aug. 9 stating it had no further information beyond what was in a press release from HNA Tourism and the Jin Jiang consortium. Under the terms of the agreement, the Jin Jiang consortium will acquire 100 percent of shares in Radisson Holdings, 51.2 percent of outstanding shares in Radisson Hospitality AB and 18.5 percent of outstanding shares and votes in Radisson AB. The transaction is expected to close by the end of the year.
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