Major Chinese conglomerate HNA Group Co. is looking to sell off its stake in Hilton hotel chain subsidiary Hilton Grand Vacations, the Nikkei Asian Review reports, despite acquiring the asset only a year ago.
HNA currently holds a 25% stake in Hilton Grand Vacations Inc., a timeshare business part of mother brand Hilton Worldwide Holdings Inc., worth about $1.2 billion. The selling of the shares could grant HNA an immediate profit of nearly $570 million.
This would be HNA’s latest move to shed overseas assets, which it quickly accumulated in recent years to fuel its expansion. Following state pressure and growing concerns about debt repayments, HNA has already sold off some of its most liquid assets including properties in Sydney, New York, and London.