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The Chairman and CEO of HNA Group, parent of Hainan Airlines and several other carriers, has been taken away by police. At one point HNA was the largest owner of Hilton and owned stakes in a dozen airlines (like Virgin Australia, TAP Air Portugal) as well as airport catering companies.
China’s HNA Group began with Hainan Airlines and then acquired brands like Radisson Hotels; airline caterer Gate Gourmet; 25% of Hilton; nearly 10% of Deutsche Bank; and 29% of NH Hotels. They acquired stakes in Red Lion Hotels; Virgin Australia; TAP Air Portugal: South Africa’s Comair; Azul Brazil and much more. The company’s corporate structure sometimes makes it difficult to discern what they own, what they’ve sold off, and what they’ve merely sold to themselves.
Before the pandemic they worked to reduce a debt load that exceeded $100 billion by selling off assets, but continued to face problems paying for fuel, problems paying employees, and problems paying investors. HNA even offered investors airline airline tickets in lieu of interest payments.
HNA group has struggled under a mountain of $100 billion worth of debt. They’ve been unable to pay employees or pay for fuel at Hong Kong Airlines. And that was before coronavirus.
In addition to airline stakes they own stakes in airline caterer Gate Gourmet and Hilton Hotels.
Gary Leff is one of the foremost experts in the field of miles, points, and frequent business travel -- a topic he has covered since 2002.
Co-founder of frequent flyer community InsideFlyer.com, emcee of the Freddie Awards, and named one of the "World's Top Travel Experts" by Conde' Nast Traveler (2010-Present) Gary has been a guest on most major news media, profiled in several top print publications, and published broadly on the topic of consumer loyalty. More About Gary »
