Chinese company HNA Tourism has completed its acquisition of US-based Carlson Hotels from Carlson Hospitality Group.
The deal includes Carlson's 51.3% stake in Rezidor Hotel Group, the owner of the Radisson Blu and Park Inn brands. Although the sale price has not been confirmed, the value of the company has previously been mooted at around $2b (£1.57b).
HNA Tourism Group is now obliged to launch a mandatory tender offer for the remaining shares in Rezidor or sell down its ownership in Rezidor below 30% within four weeks from the completion of the acquisition, which is no later than 4 January 2017.
Carlson comprises 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, said at the time of the announcement of the deal in April that the acquisition 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 deal is the latest in a year which has seen widespread consolidation within the hotel sector, with Marriott International's acquisition of Starwood Hotels & Resorts to create the world's largest hotel company and AccorHotel's purchase of Fairmont, Raffles and Swissôtel.
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