China's HNA Acquires Carlson Hotels

China's HNA Tourism Group has acquired Minneapolis-based Carlson Hospitality Group's Carlson Hotels division which owns the Quorvus Collection, Radisson Blu, Radisson, Radisson RED, Park Plaza, Park Inn by Radisson, Country Inns & Suites By Carlson.

HNA is a Fortune Global 500 company with operations across aviation, tourism, hospitality, finance, and online services.

The combination of HNA Tourism Group and Carlson Hotels will have increased ability to accelerate growth through investments in areas such as digital, owned assets in major gateway cities, building of Radisson RED and other new brands.

“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 chief executive officer. “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 world-wide,” added Mr. Berg.

“Since my grandfather, Curt Carlson, founded our company in 1938, our family has run businesses that create opportunity for people and positive change in the world,” said Diana Nelson, Carlson Board chair. “Hospitality is in our hearts, which made this a difficult decision. We strongly believe that selling our hotel business to HNA Tourism Group, a company that fully recognizes its value and heritage, is the best way for us to position it for success and to be true to my grandfather’s legacy in the long term.”

“We have great respect for the Carlson family and a deep appreciation for its history and special culture,” said Haibo Bai, HNA Tourism Group board member and HNA Hospitality Group chairman and CEO. “Carlson Hotels’ global success and strong, sustainable growth potential is a testament to their world-class brands, continuous innovation, excellent management, and unique employee-focused culture, all of which we will build upon as part of this combination to establish our presence in the U.S. market and expand our footprint in hospitality internationally. We look forward to working together with their management team, employees, franchisee partners, suppliers and customers to accelerate growth by investing substantially in the business.”

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 (publ) (“Rezidor”), Carlson Hotel’s master licensee based in Brussels, with hotels in Europe, the Middle East and Africa.