Chinese conglomerate HNA Group has made its ownership in Park Hotels & Resorts available for takeover, according to filed documents.

Bloomberg News reports that HNA bought shares in Park Hotels in a $6.5 billion deal last year. The deal was with Blackstone and also included a quarter of Hilton Worldwide and Hilton Grand Vacations.

Park Hotels and Hilton Grand are spin-offs of Hilton Worldwide. Park Hotels is operated as a REIT entity with a focus on real estate.

HNA stated in the documents that it is open to selling some or all of its ownership in Park Hotels.

HNA's decision to dump the post is linked to the debts it has built up through foreign acquisitions worth $40 billion. The company has also encountered problems with Beijing, which has not been too amused by the company's investments.

Source: finwire