China’s HNA said on Friday it had hired banks to look for buyers of its majority 29.5% stake in Spain’s NH Hotel Group currently valued at approximately €632 million (US$772 million), according to multiple reports. The news comes just after NH rejected a takeover bid from Spanish hotel company Barcelo.
Just a day earlier, the U.S. government said it would not approve any HNA investments in the U.S. until it provides adequate information on who its shareholders are.
HNA’s representatives were removed from NH’s board in 2016 after it purchased competing and potentially conflicting Carlson Rezidor Hotel Group.
Another Chinese company faced with over US$2 billion in overseas debts due this year is also in the news on Friday as Bloomberg reported that Wanda Hotel Development Co. halted trading Friday in Hong Kong, pending the announcement of a “very substantial” sale. It is reportedly close to selling two Australian luxury property projects.
This news comes on the heels of Wanda agreeing to sell its interests in the One Nine Elms project in London.