HNA Group said that the statement provided by NH Hotel Group's board over the new management contract inked with Hesperia does not address the shareholder's key concerns.

Specifically, the Chinese conglomerate, which is the largest shareholder in NH Hotel, said that the board did not adequately account for why it did not conduct "a fair and comprehensive" credit analysis before the contact was signed.

HNA said that due to the fact that the agreement has a direct impact on NH Hotel shareholders not affiliated with Hesperia or Oceanwood, the board had an obligation to provide more transparency to them. Assurance that these shareholders "will not be harmed" in case of a Hesperia termination or default must also be made, the shareholder added.

HNA iterated the need for an independent third-party review of the management contract's terms.

HNA and NH Hotel's back-and-forth tussle started in June when NH Hotel declared a conflict of interest with HNA, after the latter bought Carlson Hotels Inc. Subsequently, HNA's representatives were ousted from the NH Hotel board, a decision that it tried to reverse but eventually lost. HNA has since asked Hesperia and Oceanwood to clarify its intentions for NH Hotel, also urging the hotel group to formally appoint a new qualified CEO.