China’s HNA Group has announced the purchase of a 25 percent equity interest in Hilton Worldwide Holdings from affiliates of Blackstone.

The value of the transaction is approximately $6.5 billion, or $26.25 per share in cash, and reduces Blackstone’s interest in Hilton to around 21 percent.

As part of the deal, HNA has entered into a stockholders agreement with Hilton, and into similar deals with Park Hotels and Resorts and Grand Vacations.

“Hilton is an iconic global hospitality company with an unmatched portfolio of high-quality brands and a reputation for operational excellence,” said Adam Tan, vice chairman and CEO of HNA Group. “This investment is consistent with our strategy to enhance our global tourism business, and we look forward to working together on new initiatives that leverage our respective strengths, expertise and tourism platforms to provide travelers more choice, value and world-class services.”

Following Hilton’s spin-off of Park Hotels and Resorts, which had previously been announced, HNA will own approximately 25 percent of all three companies.

“We are pleased to welcome HNA Group as a long-term investor and strategic partner,” said Christopher J. Nassetta, president and CEO of Hilton. “HNA Group has a broad portfolio of successful travel and hospitality businesses and a proven track record of creating value in this industry. We believe this mutually beneficial relationship will open new opportunities for our brands and guests around the world, particularly in light of HNA’s strong position in the fast-growing Chinese travel and tourism market, the largest outbound travel and tourism market in the world.”

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