HNA Group Co. has sold its Hilton Grand Vacations Inc. shares for US $1.1 billion.
The deal was completed on March 19 and is the second Hilton spinoff brand that the company is selling just this month. HNA, which started out as an airline company in China, in the recent years went on a buying spree and ended up with an estimated $100 billion (AED 367 billion) in debt.
The latest move from the Chinese company comes in as an asset disposal to repay debts, the report states. According to a statement, the report says HNA sold $22.3 million shares priced $46.25 a share each. It also sold 2.5 million shares back to the Orlando, Florida-based timeshare company, Hilton Grand Vacations Inc. for $44.75 per share.
Totally, the shares were sold 90% above what HNA originally paid, the report added.
Last year, the Chinese company bought a quarter of Hilton Worldwide as well as the spinoffs Florida-based Hilton Grand and Park Hotels & Resorts Inc. for $6.5 billion. However, CNN reports that HNA has not expressed any plans to sell its interest in Hilton Worldwide.
HNA still owns around a quarter of Hilton Worldwide Holdings Inc., a stake valued at $6.7 billion.
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