HNA Is Shedding Its Stake in Hilton Grand Vacations After 88% Gain
- The companies reached agreement to lift lockup provision
- Follows deal to sell shares in Park Hotels and Resorts
A Hilton Worldwide Holdings Inc. Grand Vacations Club hotel stands in Las Vegas, Nevada, on Feb. 17, 2016.
Photographer: David Paul Morris/Bloomberg
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HNA Group is selling its 25 percent stake in Hilton Grand Vacations Inc. as the Chinese conglomerate continues to shed its holdings to repay debts.
HNA put its 24,750,000 shares on sale Tuesday, according to a Hilton Grand Vacations statement, after Hilton agreed to remove a lockup provision that had barred HNA from selling before 2019. At the close of trading in New York, the stock had gained 88 percent from the price HNA paid about a year ago.