Hainan Airlines, the flagship carrier of HNA Group, will take over the group’s hotel business as part of an asset restructuring by the Chinese conglomerate, according to a filing to the Shanghai Stock Exchange.
HNA Hotel Group Holdings manages the group’s domestic hotels. As part of the deal, Hainan Airline is also purchasing controlling stakes in domestic airlines West Air and Guilin Airlines, aircraft maintenance companies HNA Technic and SR Technics Holdco I GmbH, and flight training provider Hainan Sky Plumage Flight Training Co, from its parent company HNA Group.
The values of the transactions, which will be facilitated by share issuance and cash payments, are not disclosed in the statement.