Chinese travel and leisure conglomerate HNA Group – parent of Hainan Airlines - is taking a 25% stake in Hilton Worldwide for $6.5 billion.
The shareholding is being acquired from investment giant Blackstone, reducing its holding in Hilton to 21%.
HNA Group vice chairman and chief executive Adam Tan said: "Hilton is an iconic global hospitality company with an unmatched portfolio of high-quality brands and a reputation for operational excellence.
"This investment is consistent with our strategy to enhance our global tourism business, and we look forward to working together on new initiatives that leverage our respective strengths, expertise and tourism platforms to provide travelers more choice, value and world-class services."
Hilton president and chief executive Christopher Nassetta said: "HNA Group has a broad portfolio of successful travel and hospitality businesses and a proven track record of creating value in this industry.
“We believe this mutually beneficial relationship will open new opportunities for our brands and guests around the world, particularly in light of HNA's strong position in the fast-growing Chinese travel and tourism market, the largest outbound travel and tourism market in the world."
Blackstone global head of real estate and Hilton board chairman Jon Gray added: "Since our initial investment in Hilton nine years ago, the company and its leadership team have delivered phenomenal results.
"We think the company's future is bright, and this long-term investment from HNA Group only adds to its potential."
This is a community-moderated forum.
All post are the individual views of the respective commenter and are not the expressed views of Travel Weekly.
By posting your comments you agree to accept our Terms & Conditions.