A consortium headed by Jin Jiang International Holdings - a Chinese state-owned tourism and hospitality company - has completed the acquisition of 50.21 per cent of Radisson Hospitality's shares from Hainan-based HNA Group, making it the largest owner.
The agreement for the acquisition was signed on August 9 by the Consortium and Radisson Hospitality and HNA Sweden Hospitality Management AB, an indirectly wholly-owned subsidiary of HNA Tourism Group.
The acquisition was facilitated through Aplite Holdings AB, with 87,552,187 shares trading to the consortium for 35 Swedish Crowns per share, or $3.84.
“This marks yet another incredible milestone in our company’s storied history and one that I’m confident will elevate Radisson Hotel Group to a new level of strength as a global leader in the hospitality industry," said John M. Kidd, chief executive officer and chief operating officer for Radisson Hospitality.
"When we announced our re-branding earlier this year to Radisson Hotel Group, we shared our vision for the company, which was to be the company of choice for guests, owners and talent."
"We are now owned by one of the leading travel and hospitality companies — the fifth largest hotel company in the world. Additionally, Jin Jiang’s loyalty programme encompasses more than 100 million members. This type of size, coupled with the record number of Chinese consumers travelling abroad, provides a number of new opportunities for Radisson Hotel Group."
"The consortium led by Jin Jiang will work with us to improve and execute our five-year plan, while continuing to deliver outstanding customer and guest service,” he said. - TradeArabia News Service
Travel, Tourism & Hospitality
Jin Jiang buys majority stake in Radisson Hospitality
