The company said China's HNA can better handle the industry's competitive pressures.
The Carlson Cos. said Wednesday that it has sold its Radisson chain and the rest of its hotel business to a Chinese conglomerate, as competitive pressures drive an ongoing consolidation of the hospitality industry.
The Carlson Hotel Group is one of the top-10 largest hospitality companies in the world, operating more than 1,400 hotels in more than 110 countries and territories. In addition to various Radisson brands, its portfolio includes Park Plaza Hotels and Country Inn and Suites.
But the company pointed to the “larger economics” of the industry in explaining the decision to sell to HNA Tourism Group, whose businesses span aviation, hospitality, finance and online services. HNA said in a prepared statement that it plans to “accelerate growth by investing substantially in the business.”