Chinese conglomerate HNA Group Co. Ltd. said it plans to sell shares it owns in Red Lion Hotels Corp.

HNA, through affiliate HNA Investment Management LLC, owns 3,738,401 shares of Red Lion Hotels, equivalent to about 15.8% of Red Lion Hotel's outstanding common stock, based on the company's share count as of Oct. 31, 2017. HNA has asked Red Lion Hotels to register the shares with the SEC, noting that the manner and timing of the sale will depend on market and other conditions.

HNA bought 2,987,343 Red Lions Hotels in June 2015, equivalent to about 15.0% of the company's shares outstanding as of May 3, 2015, and in November 2016 increased its position to its current position, which was equivalent to about 18.5% of Red Lion's outstanding shares as of July 29, 2016.

Facing increased regulatory pressure from the Chinese government, HNA and other Chinese companies have in recent months sold a number of overseas assets. HNA, which owns a roughly 26.1% stake in Hilton Worldwide Holdings Inc., reportedly is looking to sell about 20 properties over the next two years, according to a report in The Wall Street Journal published in late 2017. It recently sold the Sydney One York Office Building in Australia for A$205 million and 1180 Sixth Ave. in Manhattan, N.Y., for about $300 million with partner MHP Real Estate Services, among other divestments.