Deals
HNA May Check Out of Spanish Hotel After Getting Kicked Out
- Selling 30 percent NH Hotel stake could be easiest solution
- Accor would be top candidate as potential buyer, analysts say
The HNA Group building in Beijing.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
HNA Group Co.’s precarious grip on a $2.2 billion Spanish hotel company is in doubt as a mountain of debt comes due and China puts the squeeze on its most prolific acquirers.
The Chinese conglomerate, whose assets include a quarter of Hilton Worldwide Holdings Inc., owns about 30 percent of Madrid-based NH Hotel Group SA. But HNA is in Spanish limbo: its directors have been booted off the board in a shareholder revolt, while Beijing’s crackdown on overseas deals would obstruct any buyout that could bring NH Hotel to heel. Analysts anticipate a sellout.