China’s HNA Tourism Group and Carlson Hospitality Group announced they have entered an agreement for the acquisition of Carlson Hotels, Inc., which owns Radisson, Park Plaza, Park Inn and Country Inns & Suites, Radisson Blu and Radisson Red, among others, for an undisclosed amount.
"Carlson Hotels own a powerful set of global brands and this historic agreement provides tremendous opportunities for growth," said David P. Berg, Carlson Hospitality Group CEO. "We look forward to working within HNA Tourism Group, a greatly respected global enterprise, in what will be an exciting new chapter in the history of Carlson Hotels. As part of HNA Tourism Group, Carlson Hotels will have an opportunity to advance our commitment to providing guests with hospitality worldwide.”
Under terms of the agreement, which were unanimously approved by the Carlson Board of Directors, HNA Tourism Group will acquire all of Carlson Hotels, including its approximately 51.3 percent majority stake in Rezidor Hotel Group AB, Carlson Hotel's master licensee based in Brussels, with hotels in Europe, the Middle East and Africa. Since the closing of the transaction will result in an indirect change of control in Rezidor, HNA Tourism Group would, under Swedish takeover rules, be obliged to launch a mandatory public tender offer for the remaining approximately 48.7 percent of Rezidor.
The transaction is subject to receipt of regulatory approvals and other customary closing conditions, and is expected to close in the second half of (calendar) 2016. David P. Berg, CEO of Carlson Hospitality Group Inc., will remain as CEO of the new organization. In addition, HNA Tourism Group has pledged to maintain Minnetonka, Minn., as its headquarters for the new organization.
Advisors for this Transaction include: Morgan Stanley and BDT & Company as financial advisors; Freshfields Bruckhaus Deringer LLP, and Advokatfirman Vinge KB as legal advisors to Carlson Hotels.
Additional materials regarding the transaction are available at www.StrongerHotelsTogether.com.
