Chinese group HNA Tourism Group Co, Ltd. (HNA) has completed the purchase of Carlson Hotels Inc. from Carlson Hospitality Group, Inc.
This transaction includes Carlson's stake in Rezidor Hotel Group AB, representing 51.3% of outstanding shares.
The transaction was first announced on April 28, 2016.
Rezidor notes that HNA is now under an obligation to either launch a mandatory tender offer for the remaining outstanding shares in Rezidor or sell down its ownership in Rezidor below 30% within four weeks from the completion.
Rezidor has not been provided with any further information regarding HNA's intentions.
HNA’s purchase of Carlson is not its first involvement in the hospitality industry. The Fortune 500 mega company had bought a massive stake in Hilton Hotels in October this year. It acquired a 25% stake in a deal that was worth US $6.5 billion
HNA also has investments in Spokane, Wash-based Red Lion Hotels, as well as in Madrid-based NH Hotels.
News website Skift has reported Carlson Hotels CEO David Berg will remain as CEO, and the company will remain headquartered in Minnetonka, Minnesota.
Carlson’s brands include the Quorvus Collection, Radisson Blu, Radisson, Radisson RED, Park Plaza, Park Inn by Radisson, Country Inns & Suites by Carlson, and its loyalty program, Club Carlson.
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