HNA Group Co. put its $1.4 billion stake in Park Hotels & Resorts Inc. up for sale, the latest in a slew of asset disposals that have emerged as the embattled Chinese conglomerate scrambles to repay its mounting debts.
The sale could involve some or all of HNA’s 53.7 million shares, with any disposal being subject to market conditions, according to a regulatory filing in the U.S. HNA bought a quarter of Hilton Worldwide Holdings Inc. and two spinoffs -- Park Hotels and Hilton Grand Vacations Inc. -- from Blackstone Group LP last year for about $6.5 billion. Those stakes are valued at more than $9 billion today.