The transaction, which is valued at around $6.5bn (£5.3bn), will reduce Blackstone’s interest in Hilton to around 21%. The deal is expected to be completed in the first quarter of 2017.
Christopher Nassetta, president and CEO of Hilton, said: “We are pleased to welcome HNA Group as a long-term investor and strategic partner.
“We believe this mutually beneficial relationship will open new opportunities for our brands and guests around the world, particularly in light of HNA’s strong position in the fast-growing Chinese travel and tourism market, the largest outbound travel and tourism market in the world.”
Hilton operates 4,700 managed, franchised, owned and leased hotels in 104 countries worldwide, with 13 brands including; Hilton Hotels & Resorts; Waldorf Astoria Hotels & Resorts; Conrad Hotels & Resorts; Canopy by Hilton; and DoubleTree by Hilton.