HNA Sells Shares of Hilton Grand Vacations

The selling off of assets and holdings by Chinese conglomerate HNA Group continues.

The company is now shedding its 25 percent stake in Hilton Grand Vacations Inc. in an attempt to repay monumental debts incurred during a global shopping spree.

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This is the latest move from HNA Group, which earlier this month put its shares of Hilton spin-off Park Hotels & Resorts Inc., up for sale. That transaction was valued at about $1.4 billion.

Bloomberg reported that HNA has now put 24,750,000 shares of Hilton Grand Vacations on sale after a provision prohibiting them from being sold before 2019 was removed by Hilton.

HNA bought the shares just last year, paying $6.5 billion for a stake in Hilton Worldwide Holdings, Hilton Grand Vacations and Park Hotels.

The purchase was part of the company's goal of enhancing its global tourism business, HNA Group vice chairman and CEO Adam Tan said at the time.

READ MORE: HNA Sells Shares of Hilton Spin-off Park Hotels & Resorts

Founded in 2000 and headquartered in Haikou, China, HNA Group started as a regional airline but subsequently became involved in numerous industries as part of a more than $40 billion spending spree that spanned six continents. Before the buying was all said and done, HNA had expanded into real estate, financial services, and tourism.

Now awash in debt, HNA is seeking to sell various other assets including about $4 billion in U.S. properties. The additional assets for sale include 245 Park Ave., a New York City building purchased last year for $2.21 billion. HNA also recently closed a $305 million sale on its property at 1180 Sixth Avenue.

HNA also put its 29 percent share of stake in NH Hotel Group SA, up for sale.