Chinese investor to buy Hilton stake for $6.5b

China-based HNA Group has acquired a 25 percent stake in Hilton Worldwide for $6.5 billion. The seller is The Blackstone Group, and the deal is expected to close in first quarter 2017.

HNA will have a stake in Hilton and its planned spinoffs of Park Hotels & Resorts and Hilton Grand Vacations. As part of a stockholders agreement with Hilton, HNA will appoint two directors to Hilton's board.

Blackstone will now have an approximately 21 percent interest in Hilton Worldwide Holdings and will continue to have two seats on Hilton's board.

Evercore is the financial adviser to Hilton, while JPMorgan advised HNA Group.

HNA Group has been increasing its international exposure to the tourism and hospitality industry, and this is the firm’s second investment in U.S. hotels this year. The company agreed in April to buy Carlson Hotels, the owner of the Radisson hotel chain, including its 51.3 percent majority stake in Rezidor Hotel Group