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HNA Tourism to sell partial stake in Park Hotels

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HNA Tourism to sell partial stake in Park Hotels

An affiliate of HNA Tourism Group Co. Ltd, which owns a roughly 25% stake in Park Hotels & Resorts Inc., launched an offering of 32,950,000 shares of the hotel real estate investment trust's common stock.

Park Hotels will repurchase and retire 10 million of the shares, as well as up to 5,750,000 additional shares prior to the pricing of the offering.

HNA Tourism is a unit of Chinese conglomerate HNA Group Co. Ltd., which earlier expressed its intention for a full or partial sale of its 53 million-share stake in Park Hotels. HNA Tourism will grant underwriters an option to purchase up to 4,942,500 additional shares.

The offering is not conditioned upon the completion of the share repurchase by Park Hotels, which is not selling shares and will not receive any proceeds from HNA Tourism's secondary offering.

Barclays and J.P. Morgan are serving as joint book-running managers and representatives for the underwriters of the offering, and UBS Investment Bank, Goldman Sachs & Co. LLC, Morgan Stanley, Deutsche Bank Securities and Credit Suisse are also acting as joint book-running managers and underwriters. BofA Merrill Lynch is serving as an adviser to Park Hotels.