The Chinese HNA Group, which owns the Radisson hotel chain, has decided to sell it to an international consortium led by the Chinese Jin Jiang International Holdings Co., writes the Financial Times . The value of the hotel chain is estimated at approximately 6 billion Swedish kronor ($671 million). The parties expect to close the deal by the end of the year.

The deal structure is complex. It will take place in several stages. As noted in a press release from Radisson Hospitality (a hotel chain operator traded on the Stockholm Stock Exchange), several subsidiaries of the parties will participate in the transaction. First, Jin Jiang will buy 51.15% of Radisson shares (at a price of SEK 35 per share). A little later, the company will acquire a stake of 18.5% of shares. The parties do not disclose at what price the second block of shares will be purchased. Swedish law obliges Jin Jiang, after closing the second stage of the transaction, to make an offer to HNA Tourism to purchase the remaining stake, follows from the press release.

After all stages of the transaction, Jin Jiang will receive 100% in all brands of the network - Radisson, Radisson Blu, Park Inn and Country Inn&Suites. Radisson currently owns or operates more than 1,100 hotels.

As Bloomberg notes , HNA Group Co. is experiencing a shortage of funds. Its corporate debt previously reached $94 billion. Because of this, the company decided to sell off a number of assets. In particular, in April, HNA Group decided to sell part or all of its $6.3 billion stake in Hilton Worldwide Holdings Inc. a stake in this company (25%) HNA Group acquired for $6.5 billion about a year and a half ago. In total, the group will sell off hotel assets worth $17 billion in 2018. As the FT notes, HNA Group’s financial problems have worsened due to the recent death in France of the group’s co-founder and chairman of the board of directors, Wang Jian.

Since 2000, HNA Group has been actively investing in various business areas: tourism, logistics, insurance, financial services. The company purchased assets both in China and abroad. HNA Group is a co-owner of three Chinese airlines, the Spanish hotel chain NH Hotel Group, the Chinese division of Uber, as well as several office buildings and a hotel in New York.

In May 2014, Chen Feng, who at that time served as chairman of the board of directors of HNA Group, said in an interview with The Washington Post that the company would continue to acquire assets. “By 2020 we can become one of the 100 largest companies in the world, by 2030 we want to become one of the 50,” he said.

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The Radisson hotel chain will change its owner