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HNA Group closes investments in Hilton Worldwide and its spinoffs

HNA Group Co. Ltd. affiliates closed their purchase of separate 25.0% stakes in Hilton Worldwide Holdings Inc., Park Hotels & Resorts Inc and Hilton Grand Vacations from affiliates of Blackstone Group LP.

The Chinese conglomerate agreed to the purchases, for roughly $6.50 billion, in October 2016.

Hilton Worldwide spun off Park Hotels and Hilton Grand Vacations into separate publicly traded companies in January, and on March 15, affiliates of an HNA subsidiary, HNA Tourism Group Co. Ltd, closed their acquisition of shares in all three companies, according to an ownership filing.

In the final transactions, which totaled roughly $6.47 billion, HNA paid aggregate considerations of roughly $4.50 billion for 82,500,000 million shares of Hilton Worldwide common stock; roughly $602.0 million for 24,750,000 shares of Hilton Grand Vacations common stock; and roughly $1.36 billion for 53,651,453 shares of Park Hotels common stock.