HNA Tourism Group Co. Ltd. pledged 10,600,000 of its 119,567,553 shares, or 70.4% stake, in Rezidor Hotel Group AB to secure a loan.
Rezidor disclosed the update to clarify market reports that HNA was selling "a large number of Rezidor shares," which would have been a departure from its long-standing offer to buy the company.
HNA said the pledged shares will be transferred back to the company after it fully repays the loan. It added that the lender is not entitled to exercise the voting rights that come with the pledged shares.
The size of the loan and the lender were not disclosed.