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

HNA Group is selling its shares of Hilton spin-off Park Hotels & Resorts Inc.

The $1.4 billion sale comes as the Chinese conglomerate attempts to deal with significant debts, according to Bloomberg.

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HNA paid $6.5 billion last year for 53.7 million shares of Hilton Worldwide Holdings, Park Hotels and Hilton Grand Vacations Inc. The current value of the shares is more than $9 billion, Bloomberg reported.

Founded in 2000 and headquartered in Haikou, China, HNA Group is involved in numerous industries. Among them aviation, real estate, financial services, and tourism.

The company is now seeking to shed many assets around the world. It also owns stakes in Deutsche Bank AG and various buildings in New York.

The Real Deal reported that the company is putting $4 billion in U.S. properties on the market. Among the buildings for sale is an office tower at 245 Park Avenue in New York that was purchased last year for $2.2 billion. HNA also recently sold a New York property at 1180 Sixth Avenue for $305 million. It has also put its 29 percent share of Spanish NH Hotel Group SA up for sale.

READ MORE: Iconic Waldorf Astoria Now Controlled by Chinese Government

Park Hotels & Resorts, a real estate investment trust, includes 55 premium-branded properties, among them Hilton Hawaiian Village Waikiki Beach Resort; Hilton San Francisco Union Square and Hilton Chicago.

HNA Group is not the only Chinese company making international headlines recently over financial troubles. The Chinese government recently took control of Anbang Insurance, a company that owns numerous assets in the United States including Manhattan’s iconic Waldorf Astoria.

Anbang Chairman Wu Xiaohui is being prosecuted for economic crimes, including fraudulent fund-raising and improperly taking company assets. The company itself came under scrutiny from the government for what was described as illegal management and operation activities.