HNA to sell Spanish hotel stake amid debt concerns
By Zhu Wenqian | China Daily | Updated: 2018-01-23 07:45
Chinese mainland conglomerate HNA Group said that it is seeking buyers for its majority stake in Spain's NH Hotel Group amid liquidity concerns.
The conglomerate, which also owns China's fourth-largest airline Hainan Airlines, is the biggest shareholder in NH. It has hired JP Morgan and Benedetto, Gartland & Co to scout for potential buyers.
HNA holds a 29.5 percent share of NH, which is valued at about 630 million euros ($770 million), based on the closing price of NH last Friday.
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