Jin Jiang International Holdings Co. to Buy Radisson Hospitality Inc.
Shanghai-based Jin Jiang develops and manages thousands of hotels in China and around the world. It entered into an agreement Thursday that would make it the owner of Radisson after a series of transactions.
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CHINESE HOSPITALITY and travel group Jin Jiang International Holdings Co. has agreed to buy Radisson Hospitality Inc., the Minnetonka-based company known for its Radisson hotels, from fellow Chinese conglomerate HNA Tourism Group according to a report in Star Tribune.
Shanghai-based Jin Jiang develops and manages thousands of hotels in China and around the world. It entered into an agreement Thursday that would make it the owner of Radisson after a series of transactions.
As part of the deal, Jin Jiang would buy 51 percent of the outstanding shares in Radisson Hospitality’s sister company Radisson Hospitality AB, and another 18.5 percent of shares from HNA’s Swedish affiliate, according to a statement.
The deal is expected to close at the end of the year. After the sale, Jin Jiang is obligated to acquire the rest of the shares of Radisson Hospitality AB. Once finalized, Jin Jiang would control the hotel brands many travelers recognize including Radisson, Radisson Blu, Radisson Red, Park Inn and Country Inn & Suites.
In late 2016, HNA Tourism Group purchased Radisson Hospitality Inc., which was then known as Carlson Hotels, from the Carlson family. The deal also made HNA the majority shareholder of Carlson Hotels’ European sister company Rezidor Hotel Group.
Earlier this year, HNA renamed the combined entities Radisson Hotel Group to incorporate the flagship Radisson name and began an effort to streamline the brand, which includes an overhaul of hundreds of properties.
It is unclear how the Radisson brand would be configured into the massive Jin Jiang going forward. According to Hotels Magazine, in 2017 Jin Jiang’s hotel empire encompassed 6,794 hotels with 680,000 rooms. In contrast, Radisson Hotel Group had 1,151 hotels with 179,379 rooms.
Jin Jiang’s reach is wide. The company, which is controlled by the government and based in Shanghai, owns 1,566 Jin Jiang branded hotels in China. It also owns the luxury Jin Jiang Hotel in Shanghai, the Group du Louvre in Europe, plus parts of the Accor SA chain in France.
