HNA Group, parent of Hainan Airlines, has bought a 20 percent stake in Spanish hotel chain NH Hoteles for 431.6 million euros (US$617 million) to become its second-largest shareholder.
China's fourth-largest aviation group also planned to set up a joint venture with NH Hoteles to develop hotels in China, one of the world's fastest-growing tourism markets, the Spanish hotelier said in a statement.
HNA will hold 49 percent of the joint venture and NH Hoteles will take the balance, the statement said.
Two or three HNA's properties will be refurbished and re-branded with the NH Hoteles brand as a starting point.
