An HNA Tourism Group Co. Ltd. affiliate completed the disposal of its roughly $1.38 billion stake in hotel real estate investment trust Park Hotels & Resorts Inc. on March 9.
In the offering, HNA sold 53,651,453 shares, including the full exercise of the underwriters' 5,171,929-share overallotment option and 14.0 million shares repurchased by Park Hotels.
HNA Tourism is a part of Chinese conglomerate HNA Group Co. Ltd.
Park Hotels updated its full-year 2018 guidance to reflect the effect of the stock repurchase. It now expects adjusted funds from operations per share to range between $2.74 and $2.90, and its EPS to sit between $1.11 and $1.27. The company previously estimated adjusted FFO per share in the range of $2.59 to $2.75 for the year.
The S&P Capital IQ mean consensus estimate for 2018 FFO is $2.80.
