China's HNA to buy Carlson Hotels in acquisition binge

Chinese HNA Tourism Group has agreed to make its third overseas acquisition and buy US-based Carlson Hotels, the owner of Radisson. The investment is for all the Carlson Hotels Inc., including its 51.3% stake in Brussels-based Rezidor Hotel Group which operates Carlson Hotels in Europe, Africa and the Middle East. Headquartered in Minnesota, Carlson Hotels has 1,400 hotels in total across 115 countries and regions. The Carlton board has approved the transaction and the deal is expected to close later this year. This is after another Chinese conglomerate Anbang Insurance failed in the $14 billion bid for Starwood Hotels. This is one of the latest movement of Chinese companies looking to enhance its international presence and brand name as economy is slowing down at home. Read more here.