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China's HNA in talks to sell stake in Hilton Grand Vacations - WSJ


(Reuters) - Chinese conglomerate is in talks to sell some or all of its 25 percent stake in , the timeshare spun off last year from Holdings , reported on Monday.

HNA would sell its shares into the open market instead of finding a direct buyer, the report said, citing people familiar with the matter.

While an announcement could come as soon as this week, HNA's plans could still change, the report added.

HNA bought a 25 percent stake in chain from in 2016. Thanks to that deal, the Chinese firm built similar stakes in Hilton's two spun-off units - Park and Hilton Grand Vacations.

The Journal's report comes days after Park disclosed HNA's plans to sell some or all of its 25 percent stake in Park.

HNA's 25 percent interest in Hilton Grand Vacations is worth more than $1 billion, according to calculations.

HNA, an aviation-to-financial services conglomerate, is racing to raise cash following a $50 billion acquisition spree over the past two years.

It could make a profit of nearly $570 million on paper from selling its stake in Hilton Grand Vacations, before accounting for leverage that could further boost its gain, the Journal said.

HNA did not immediately respond to Reuters' request for comment outside regular hours. Hilton Grand Vacations declined to comment.

(Reporting by in Bengaluru; Editing by Sai Sachin Ravikumar)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 13 2018. 01:58 IST