Chinese hospitality and travel group Jin Jiang International Holdings Co. has agreed to buy Radisson Hospitality Inc., the Minnetonka-based company known for its Radisson hotels, from fellow Chinese conglomerate HNA Tourism Group.
Shanghai-based Jin Jiang develops and manages thousands of hotels in China and around the world. It entered into an agreement Thursday that would make it the owner of Radisson after a series of transactions.
As part of the deal, Jin Jiang would buy 51 percent of the outstanding shares in Radisson Hospitality's sister company Radisson Hospitality AB, and another 18.5 percent of shares from HNA's Swedish affiliate, according to a statement.
The deal is expected to close at the end of the year.
After the sale, Jin Jiang is obligated to acquire the rest of the shares of Radisson Hospitality AB.
Once finalized, Jin Jiang would control the hotel brands many travelers recognize including Radisson, Radisson Blu, Radisson Red, Park Inn and Country Inn & Suites.
In late 2016, HNA Tourism Group purchased Radisson Hospitality Inc., which was then known as Carlson Hotels, from the Carlson family. The deal also made HNA the majority shareholder of Carlson Hotels' European sister company Rezidor Hotel Group.
Earlier this year, HNA renamed the combined entities Radisson Hotel Group to incorporate the flagship Radisson name and began an effort to streamline the brand, which includes an overhaul of hundreds of properties.