BEIJING—The Chinese selloff continues as HNA Group Co. plans to dispose of its entire stake in Park Hotel & Resorts Inc., comprising a portfolio of dozens of Hilton hotels and other properties, according to a regulatory filing with the Securities and Exchange Commission.
The move, which could potentially reap $1.4 billion for HNA, is the next step in a series of efforts to restructure its overseas operations. Among its recent divestments include a Sydney office tower and two plots of land in Hong Kong, according to Reuters.
The filing also comes on the heels of the Chinese government’s seizure of Anbang Insurance Group Co. Ltd., which owns major assets in the U.S., including the Waldorf Astoria in New York.
Out of the gate, HNA embarked on a strong buying spree in 2016, acquiring the worldwide operations of Carlson Hospitality and picking up a 25% stake in Hilton, as well as its spun-off units—Park Hotels and Hilton Grand Vacations. The acquisitions gave the company a strategic position in the international hospitality arena, especially in areas where HNA wanted to position for growth, including the U.S. market.
The “exact timing, manner and terms of any such sale” of the Park Hotel stake would depend on market conditions, according to the Park Hotels filing with the SEC.