Chinese conglomerate HNA Group has sold Radisson Holdings Inc. to a consortium spearheaded by hospitality group Jin Jiang International Holdings Co. The deal entails 100 percent of Radisson and 50.21 percent of the outstanding shares of Radisson Hospitality AB. In accordance with the Swedish Public Takeover Act, the consortium must either initiate a mandatory tender offer for remaining outstanding shares or sell its ownership of Radisson AB below 30 percent within four weeks of the completed acquisition date. The agreement is closed as of last week.
“We are now owned by one of the leading travel and hospitality companies—the fifth largest hotel company in the world. Additionally, Jin Jiang’s loyalty program encompasses more than 100 million members. This type of size, coupled with the record number of Chinese consumers traveling abroad, provides a number of new opportunities for Radisson Hotel Group,” says John M. Kidd, CEO and COO for Radisson Hospitality.
