US-based Carlson Hotels, owner of the Radisson Blu and Park Inn brands, is to be sold to Chinese company HNA Tourism Group for an undisclosed sum.
The deal includes Carlson's 51.3% stake in Rezidor Hotel Group, its master licensee based in Brussels, which operates hotels in Europe, the Middle East and Africa, as well as the UK.
The agreement was reached three months after Carlson announced that it had appointed Morgan Stanley to review the Minnesota-based company, which was founded by Curt Carlson in 1938. Carlson's granddaughter, Diana Nelson, continues as the chair of the Carlson board.
Today the business is made up of 1,400 hotels in operation and under development across eight brands. In Europe it operates four brands: Radisson Blu, Radisson Red, Quorvus Collection and Park Inn.
David Berg, chief executive of Carlson, who will remain in the role following the expected completion of the acquisition in the middle of 2016, described the deal as a "historic agreement", which will provide "tremendous opportunities for growth".
HNA Tourism Group was founded in Beijing in 2007 and is a conglomerate with interests in airlines, hospitality and tourism. In China it owns and operates hotels under two brands: Tangla Hotels & Resorts and HNA Hotels & Resorts.
The major deal is the latest to be announced in the hotel sector following the agreement by Marriott International to acquire Starwood Hotels & Resorts and AccorHotel's acquisition of Fairmont, Raffles and Swissôtel.
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