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HNA Group, a Chinese conglomerate, has appointed banks to seek out buyers of its majority stake in hospitality firm NH Hotel Group.
The news comes only a week after NH itself turned down a takeover offer from fellow Spanish hospitality firm the Barceló Group.
Reuters reported the announcement also came a day after the US government would not approve any HNA investments in the United States until the Chinese aviation and property conglomerate provides “adequate information” on who its shareholders are.
HNA said it had hired JP Morgan and Benedetto, Gartland and Company to look for possible buyers of its 29.5% stake in Spain’s NH Hotel Group. The stake is valued at around £557m at current prices.
HNA has had a difficult relationship with NH Hotels as its representatives were ejected from NH’s board in 2016 after HNA’s purchase of rival hotel group Carlston-Rezidor led to a conflict of interest.
Earlier this month the NH Hotel Group, with nearly 400 hotels in 30 markets, rejected Barceló’s offer, saying it undervalued the company. However, NH did not rule out taking part in any consolidation wave in the sector.
