HNA Tourism Group, a division of the HNA Group that is a part owner of Hainan Airlines, has agreed to acquire Carlson Hotels.
The hotel group boasts a portfolio of more than 1,400 hotels currently in operation and under development. It consists of seven global brands: Quorvus Collection, Radisson Blu, Radisson, Radisson Red, Park Plaza, Park Inn by Radisson and Country Inn & Suites by CarlsonSM.
Under the terms of the agreement, HNA Tourism Group will acquire all properties under Carlson Hotels, including its 51.3 per cent majority stake in the Rezidor Hotel Group.
Since the transaction will result in an indirect change of control at Rezidor, HNA Group will, under Swedish law, have to launch a full takeover offer for the remaining 48.7 per cent of shares.
However, HNA does also have the option of selling part of its 51.3 per cent stake in Rezidor, and reducing its share in the company to below 30 per cent. The Chinese tourism group must decide, within four weeks of the closure of the deal, if it will assume total control of Rezidor, or sell down its ownership.
The acquisition deal is now subject to regulatory approval, but is expected to close in the second half of 2016.
"Since my grandfather, Curt Carlson, founded our company in 1938, our family has run businesses that create opportunity for people and positive change in the world," said Diana Nelson, Carlson board chair.
"Hospitality is in our hearts, which made this a difficult decision. We strongly believe that selling our hotel business to HNA Tourism Group, a company that fully recognises its value and heritage, is the best way for us to position it for success and to be true to my grandfather's legacy in the long term."
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