China's HNA Completes Acquisition of Carlson Hotels

China's HNA Tourism Group has completed its acquisition of Carlson Hotels it announced Wednesday.

This past April, both companies confirmed they had reached a deal for HNA to purchase 100 percent of the Minnesota-based company. 

In addition to the acquisition of Carlson's Quorvus Collection, Radisson Blu, Radisson, Radisson Red, Park Plaza, Park Inn by Radisson and Country Inns & Suites by Carlson brands, the purchase includes a 51.3 percent majority stake in Carlson's Rezidor Hotel Group AB.

The value of the deal wasn't disclosed. However sources close to the situation told Bloomberg earlier this year that a potential sale of Carlson could be worth as much as $2 billion. 

HNA now has until January 4, 2017 to either launch a mandatory tender offer for the remaining outstanding shares in Rezidor or sell down its ownership to below 30 percent.

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"HNA has been very clear throughout process they want to be a leading global hotel company and understand they need to invest in infrastructure and also recognize from time to time they need to put their balance sheet to work owning assets," Carlson Hospitality Group CEO David Berg told Hotelsmag.com earlier this year.

Looking ahead, the new ownership appears poised to grow Carlson's brands in key markets.

"As I think about key gateways in Asia Pacific that is something we haven’t been able or willing to do given our capital light model, and now we have some opportunities with HNA," added Berg. "The new and significant infrastructure gives us a platform to think about other opportunities to add into the fold."

It's expected that Carlson will remain based in Minnetonka, Minnesota and Berg will stay on as CEO.

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