China’s HNA Tourism Group Co Ltd Buying Carlson Hotels

China’s HNA Tourism Group Co Ltd Buying Carlson Hotels

On Wednesday, HNA Tourism Group Co Ltd, a Chinese company which is a unit of HNA Group Co Ltd, the aviation and shipping conglomerate, said it has agreed to buy Carlson Hotels.

Carlson Hotels, the family owned business that also runs the Radisson hotel chain. A joint statement from both the companies, highlight how the Chinese firms continue with their overseas investment spree. The company said it will buy the entire Carlson Hotels Inc. The amount that the Chinese firm is paying for the deal is not clear. It is also acquiring 51.3 percent majority stake in Rezidor Hotel Group AB.

In recent years, several Chinese firms have invested in hotels and the hospitality industry worldwide. Fosun International Ltd bought Club Mediterranee in France and Anbang Insurance acquired the upscale New York hotel, Waldorf Astoria.

Carlson family shareholders said HNA has bigger expansion plans ahead and seems to be the right kind of partner they searched for. The company is committed to investing in business for further growth and also will continue to have the headquarters in the Twin Cities. With the acquisition, CEO David Berg will carry on with his post at the hotel chain.

Bai Haibo, HNA Tourism's CEO said the firm would build on the popular Radisson brand to assist and "establish our presence in the U. S. market and expand our footprint in hospitality internationally."