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Lindahl advises HNA Tourism Group on its acquisition of Carlson Hotels

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  • 2016
  • Lindahl advises HNA Tourism Group on its acquisition of Carlson Hotels

Advokatfirman Lindahl advises the Chinese company HNA Tourism Group Co., Ltd (“HNA”) on its acquisition of Carlson Hotels, Inc. (“Carlson Hotels”) from Carlson Hospitality Group (the “Acquisition”). Carlson Hotels hold an approximately 51.3 per cent stake in Rezidor Hotel Group AB (“Rezidor”), a company listed on Nasdaq Stockholm, Mid Cap.

The Acquisition, is subject to receipt of regulatory approvals and other customary closing conditions, and is expected to close in the second half of 2016. Since a closing of the Acquisition will result in an indirect change of control in Rezidor, HNA would under the Swedish takeover rules, be obliged to launch a mandatory public tender offer for the remaining shares in Rezidor, within four weeks after the closing of the Acquisition if the ownership in Rezidor is not sold down below 30 per cent. HNA has obtained a ruling from the Swedish Securities Council (AMN 2016:10) stating that if HNA decides to launch a mandatory tender offer, the minimum price in such mandatory tender offer would be the 20-trading day volume weighted average price immediately before the announcement of the Acquisition.

HNA is a global integrated tourism conglomerate engaged in aviation, hospitality, tourism, finance and online services. Founded in Beijing in 2007, the company owns more than 20 subsidiaries including Capital Airlines, Deer Jet, Tangla Hotels and Resorts, Caissa Touristic, etc. The company is also a majority investor in global travel and hospitality brands such as NH Hotels, Red Lion Hotels, PVCP Group, etc. HNA Hospitality Group is the hotel management arm of HNA, operates around 500 hotels with nearly 90,000 rooms, in key cities in China as well as other parts of the world, with brand portfolio ranging from luxury, upscale to budget segments, catering to both business and leisure travelers.

Carlson Hotels is one of the world's largest and most dynamic hotel groups and includes 1,400 hotels in operation and under development with more than 220,000 rooms and a footprint spanning 115 countries and territories. The Carlson Hotels portfolio includes a powerful set of global brands: Quorvus Collection, Radisson Blu®, Radisson®, Radisson RED, Park Plaza®; Park Inn® by Radisson, Country Inns & Suites By CarlsonSM and Club CarlsonSM, the global hotel rewards program.

Lindahl assists HNA on the transaction through Annika Andersson (Capital Markets and Public M&A) with the assistance of Maria Arnoldsson, Olivia Flink and Sebastian Iso-Kamula (Capital Markets and Public M&A), Peter Lilja (M&A), Ulrica Salomon and Johanna Svantesson (Competition).

The other advisors to HNA for this transaction include J.P. Morgan and Benedetto, Gartland & Company as financial advisors and Hogan Lovells as legal advisor.

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