June 5, 2018 / 6:23 PM / 10 months ago

China's HNA to sell 26.5 percent stake in Spain's NH Hotels to Thai Minor International

The headquarters of HNA Group is pictured in Haikou, Hainan province, China May 6, 2018. Picture taken May 6, 2018. China Daily via REUTERS

MADRID (Reuters) - Chinese conglomerate HNA Group said on Tuesday it had agreed to sell a stake of 26.5 percent in Spain’s NH Hotels (NHH.MC) to Thai Minor International.

The Chinese firm said in a filing to Spain’s market regulator that it agreed to sell 17.64 percent of the hotel chain for 6.4 euros (5.60 pounds) per share, subject to certain conditions.

If the first tranche is completed, it will then sell a further 8.83 percent of NH for 6.10 euros per share, implying Minor will buy the stake for a total of just over 622 million euros.

Reporting by Isla Binnie; Editing by Adrian Croft

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