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HNA Group unit prices Hilton Grand Vacations offering

HNA Tourism Group Co. Ltd. affiliate HNA HLT Holdco I LLC priced an underwritten secondary offering of 22,250,000 shares of global timeshare company Hilton Grand Vacations Inc. common stock at $46.25 apiece.

Hilton Grand Vacations will not receive any proceeds from the offering, which is expected to close March 19. The timeshare operator spun off from Hilton Worldwide Holdings Inc. in 2017.

In a privately negotiated transaction, Hilton Grand Vacations will repurchase 2,500,000 shares of its common stock from HNA HLT Holdco at about $44.75 apiece, the same price set for underwriters in the offering.

The share repurchase is subject to the completion of the offering, according to a release.

BofA Merrill Lynch and J.P. Morgan are serving as representatives of the underwriters for the offering, while also acting as joint book-running managers along with UBS Investment Bank, Goldman Sachs & Co. LLC, Deutsche Bank Securities, Credit Suisse and SunTrust Robinson Humphrey.

HNA Tourism Group is a unit of HNA Group Co. Ltd., a Chinese conglomerate that has been under pressure from the Chinese government to sell assets and pay down debt. In recent weeks its affiliates have moved to sell stakes in Park Hotels & Resorts Inc — another Hilton Worldwide Holdings spinoff — and Red Lion Hotels Corp.

HNA continues to hold a roughly 26.1% stake in Hilton Worldwide Holdings.