China's HNA Tourism Group Agrees to Acquire Carlson Hotels
Photo courtesy of Carlson Rezidor Hotel Group.
China's HNA Tourism Group has agreed to acquire the Carlson Hotels, the two companies confirmed Wednesday.
A unit of the larger HNA Group, HNA Tourism Group has reached a deal to purchase 100 percent of the Radisson and Country Inn & Suites owner for an undisclosed price. The group will also acquire Carlson's 51.3 percent majority stake in the Rezidor Hotel Group.
Last month, HNA Group and AccorHotels were rumored to be among the companies considering bids for Minnesota-based Carlson.
At the time, sources close to the situation told Bloomberg that a potential sale could be worth as much as $2 billion.
Carlson Hotels currently operates 1,400 hotels in 115 countries and territories around the world. But those figures could change soon, with HNA Tourism Group CEO Bai Haibo saying in a statement that the company aims to build on the company's previous success to "establish our presence in the U.S. market and expand our footprint in hospitality internationally."
The move comes amid a flurry of overseas investments made by Chinese companies.
Although it ultimately withdrew its bid, it's been only a few weeks since a Chinese consortium led by the Anbang Insurance Group made a $14 billion play for Starwood Hotels & Resorts Worldwide.
Already this year, Chinese buyers have agreed to $92.3 billion in overseas takeovers, the Wall Street Journal reported.
In addition to Radisson and Country Inn & Suites, Carlson also owns the Quorvus Collection, Radisson Blu, Radisson RED, Park Plaza and Park Inn by Radisson brands.
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