Chinese company also sheds theme parks
China’s Dalian Wanda Group is selling most of its hotels and theme parks, The Wall Street Journal reports. The deal is designed to reduce Dalian’s heavy debt load, which last month drew attention from its home country’s regulators, according to the business newspaper.
The sale, for $9.28 billion to Sunac China Holdings Ltd., involves 72 of Wanda’s 102 hotels in China, along with major stakes in 13 of the company’s planned tourist attractions, the Journal reports. The company’s hotel brands include Wanda Reign, Wanda Realm and Wanda Jin.
Dalian’s Wanda Hotel Design Institute (Wanda HDI) was named the 2016 Gold Key Designer of the Year, and several of its hotels were category winners and finalists in that competition, including taking top honors for Best Hotel Luxury for Wanda Reign Hotel Chengdu.
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