China conglomerate HNA Group has extended its push into the leisure industry with a deal to snap up a 25 per cent stake in Hilton for $6.5bn, adding to a portfolio of hotel investments as it seeks to tap growing revenues from Chinese tourists.
Its deal to buy the stake from private equity group Blackstone values the US hotel chain at $26.25 a share — a 14.5 per cent premium to Hilton’s closing price on Friday — and cuts Blackstone’s interest in Hilton to 21 per cent.
For HNA, the investment marks the latest in a series of deals designed to give exposure to Chinese outbound tourism — through acquisitions in the hospitality, airlines and infrastructure sectors.
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