Another US Hotel Business Falls To Chinese Buyers
Another US hotel owner falls to a Chinese conglomerate—HNA just reached a deal to buy Carlson Hotels.
The deal shifts ownership of the Radisson and Country Inns & Suites chains for an undisclosed sum. It also includes Carlson’s majority stake in Brussels-based Rezidor Hotel Group, which is publicly listed in Stockholm and manages over 1,400 hotels across Europe, Africa and the Middle East, the Wall Street Journal reports.
This isn’t the first involvement by Chinese buyers in overseas markets this year—it’s only the latest in at least $92.3B worth of foreign takeovers.
Not long ago Anbang Insurance Group tried to expand its growing real estate foothold in US markets with a $14B offer to steal Starwood from under Marriott's nose. Anbang ended up aborting the attempt, but we clearly haven't seen the last of big Chinese money gobbling up businesses in the US hotel industry. [WSJ]