HNA Buys 25% Stake in Hilton for $6.5 Billion

(Beijing) — HNA Group, an aviation and hotel conglomerate, has agreed to buy a 25% stake in U.S.-based hotel operator Hilton Worldwide Holdings Inc. for $6.5 billion — the Chinese company's latest move to expand into the overseas hospitality market.

According to an announcement Monday, HNA will buy the stake from Blackstone Group LP, making it the largest shareholder in the hotel chain. After the transaction, which is set to be completed by March, Blackstone's shareholding in Hilton will be reduced to about 21%.