The debt-laden Chinese conglomerate HNA Group, which is the largest shareholder in the hotel group Rezidor, continues to sell off assets in order to pay off its debts.

Late on Wednesday, HNA announced that it had sold its shares in Hilton Grand Vacations for $1.1 billion, according to Bloomberg News. HNA sold the shares at a price that was 90 percent higher than what the holding was originally purchased for.

The sale takes place after HNA previously exited its ownership in another Hilton spin-off, Park Hotels & Resorts, earlier in March.

Following the sales, HNA can pay off its mountain of debt, which stems from the conglomerate's tens-of-billions-of-dollars debt-fueled acquisition offensive, which included stakes in Deutsche Bank and skyscrapers in New York.

HNA still owns around a quarter of the hotel company Hilton Worldwide, a holding valued at $6.7 billion, significantly more than the $4.5 billion HNA paid for the stake last year.

The stake in Hilton Worldwide, as well as its two spin-offs Park Hotels & Resorts and Hilton Grand, which have now been sold, was bought by HNA from the Blackstone Group last year for around $6.5 billion.

Source: Direct News Agency