China’s HNA Tourism Group has completed its purchase of Carlson Hotels.
The deal includes Carlson’s stake in Rezidor Hotel Group, which represents 51.3% of the outstanding shares.
Under the terms of the deal, the acquisition of Carlson has now closed, and HNA is “under an obligation” to either make an offer for the remaining outstanding shares in Rezidor or sell down its ownership in Rezidor below 30%.
Either one of these options needs to be completed no later than 4 January 2017, but Rezidor said it has “not been provided with any further information regarding HNA’s intentions”.
Carlson was previously a family-owned hotel group based in Minneapolis.
The acquisition of Carlson marks the latest in a series of major investments by the HNA Group, which already has an extensive travel and tourism portfolio, including Hainan Airlines.
The company has already taken stakes in several international carriers, including France’s Aigle Azur and Brazil’s Azul, and snapped up two major Swiss aviation companies, Swissport and Gategroup. In the hotel sector, it has taken stakes in Spain’s NH Hotels and Hilton Worldwide.