HNA Group is selling more assets associated with its 2016 acquisition of a 25% stake in Hilton Worldwide.

Early in 2017, Hilton Worldwide was split into three publicly listed entities, via the creation of two spinoffs Park Hotels & Resorts and Hilton Grand Vacations. Hilton Grand Vacations is headquartered in Orlando, Florida, and offers timeshare properties at its resorts, mostly in the United States.

HNA is in the midst of a series of asset sales in order to pay down debt and deleverage its balance sheet and will raise around US$1.1 billion selling its 24% stake in New York Stock Exchange-listed Hilton Grand Vacations.

The company announced that HNA HLT Holdco I LLC, an affiliate of HNA Tourism Group Co, had commenced an underwritten secondary offering of 24,750,000 shares of HGV’s common stock.

Concurrent with the offering, HNA has granted to HGV an option to repurchase from the selling stockholder, in a privately negotiated transaction, up to 4,340,000 shares of its common stock at a price per share equal to the price per share at which the underwriters will purchase HGV shares.

Bank of America Merrill Lynch and J.P. Morgan are acting as joint book-running managers and representatives of the underwriters for the offering. UBS Investment Bank, Goldman Sachs, Deutsche Bank Securities, Credit Suisse and SunTrust Robinson Humphrey are also acting as joint book-running managers and underwriters.

HNA also recently raised around US$1.3 billion via a share sale in Park Hotels & Resorts.

HNA bought its 25% stake in Hilton Worldwide for US$6.5 billion in 2016, acquiring the stake from Blackstone.

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