Misplaced Pages

#318681

55-784: In 2016, Carlson Companies sold Carlson Rezidor Hotel Group to Chinese conglomerate HNA Group . In the fourth quarter of 2017, Carlson Hotels, Inc. (the holding company of the hotel group) was renamed Radisson Hospitality, Inc., while the listed subsidiary (Rezidor Hotel Group AB) was renamed Radisson Hospitality AB. In 2018, HNA Group re-sold Radisson to a consortium led by a multi-national hospitality company, Jin Jiang International . As of 2021, Radisson Hotel Group owns or operates nine hotel brands: Radisson Collection, Radisson Blu , Radisson , Radisson Red , Radisson Individuals, Park Plaza , Park Inn by Radisson , Country Inn & Suites by Radisson and prizeotel. The loyalty program

110-591: A US information technology company. HNA Group was then advised by China International Capital Corporation in the transaction. In July 2017, HNA was targeted by the Central Government in a set of new measures that prohibit state-owned banks from lending money to Chinese private companies to curb their foreign investment activities and also over concerns about HNA's debt levels. Several banks associated with HNA's foreign investments halted new loans since, though some had already suspended their grants before

165-600: A criminal complaint against HNA Group for repeatedly filing false disclosures of its shareholding structure. State-owned enterprise A state-owned enterprise ( SOE ) is a business entity created or owned by a national or local government, either through an executive order or legislation. SOEs aim to generate profit for the government, prevent private sector monopolies, provide goods at lower prices, implement government policies, or serve remote areas where private businesses are scarce. The government typically holds full or majority ownership and oversees operations. SOEs have

220-424: A distinct legal structure, with financial and developmental goals, like making services more accessible while earning profit (such as a state railway). They can be considered as government-affiliated entities designed to meet commercial and state capitalist objectives. The terminology around the term state-owned enterprise is murky. All three words in the term are challenged and subject to interpretation. First, it

275-486: A future right to acquire the remaining 51% of the shares. (On October 4, 2019, Radisson announced that it was purchasing the remaining 51% of prizeotel.) In April 2016, Carlson Rezidor Hotel Group was sold to HNA Tourism Group, a division of Chinese conglomerate HNA Group . The loyalty programs : HNA Group and Hainan Airlines ' Fortune Wings Club and Radisson's Radisson Rewards, signed a partnership agreement in June 2018. In

330-419: A hotel group that consisted of more than 320 hotels as of 2008. The franchise agreement was renewed in 2002 and again in 2005. The 2002 deal added Park Inn, Regent and Country Inns into the agreement, while in 2005 agreement, Carlson purchased 25% shares of Rezidor SAS from SAS Group. The 2005 franchise agreement would last until year 2052. Rezidor Hotel Group also had other brands, such as Hotel Missoni, which

385-538: A hotel in New York City . HNA Group has spent more than US$ 3 billion on foreign acquisitions. It intends to be one of the top 50 companies in the world by 2030. In October 2005, Soros Quantum Fund invested $ 25 million stake in HNA Group. On February 18, 2016, HNA reached an agreement to acquire Ingram Micro Inc , a California-based technology distributor, for $ 6 billion, in the largest Chinese takeover of

440-554: A license agreement that was terminated in 2014. Radisson Collection was formerly known as Quorvus Collection from 2014 to 2018. Quorvus Collection was introduced in 2014 as a luxury brand. The first hotel of the former Rezidor Hotel Group in Copenhagen was converted to use the Radisson Collection brand. Country Inn & Suites by Radisson, formerly Country Inns & Suites by Carlson and Country Inns by Carlson,

495-661: A public objective. For that reason, SOEs primarily operate in the domain of infrastructure (e.g., railway companies), strategic goods and services (e.g., postal services, arms manufacturing and procurement), natural resources and energy (e.g., nuclear facilities, alternative energy delivery), politically sensitive business, broadcasting, banking, demerit goods (e.g., alcoholic beverages ), and merit goods (healthcare). SOEs can also help foster industries that are "considered economically desirable and that would otherwise not be developed through private investments". When nascent or 'infant' industries have difficulty getting investments from

550-495: A regular enterprise, state-owned enterprises are typically expected to be less efficient due to political interference, but unlike profit-driven enterprises they are more likely to focus on government objectives. In Eastern Europe and Western Europe , there was a massive nationalization throughout the 20th century, especially after World War II . In the Eastern Bloc , countries adopted very similar policies and models to

605-545: A remote hotel in the United States. HNA Capital deals with financial services and investment banking . It has over 30 member companies, such as Bohai Trust . HNA Holdings is involved in real estate and the retailing industry . Subgroup HNA Airport Group operates 16 airports across China, including the airports in Haikou , Sanya , Weifang , Dongying , Yichang , Anqing , and Yingkou . HNA Logistics

SECTION 10

#1732780744319

660-424: A revenue of $ 53.335 billion. It is one of the most active investment companies in the world, acquiring numerous assets under its name. In 2021, the corporation declared bankruptcy after debt restructuring efforts failed. On December 8, 2021, Liaoning Fangda Group Industrial acquired HNA's aviation division. Later, on December 24, Hainan Development Holdings Co., Ltd. acquired HNA's airport division, and marked

715-529: Is a hotel chain of the Radisson Hotel Group (former Carlson Hotels). It was established by the former Carlson Hotels' owner, Carlson Companies in 1986 as a "middle-class" brand. The sister brand, Radisson Hotels was classified as full-service, upscale brand of the group. Carlson Companies also owned the namesake, Country Kitchen restaurant chain at that time. In January 2018, two years after Carlson sold Carlson–Rezidor hotel group to HNA Group ,

770-562: Is a viable argument for SOEs is debated. SOEs are also frequently employed in areas where the government wants to levy user fees , but finds it politically difficult to introduce new taxation. Next, SOEs can be used to improve efficiency of public service delivery or as a step towards (partial) privatization or hybridization. SOEs can also be a means to alleviate fiscal stress, as SOEs may not count towards states' budgets. Compared to government bureaucracy, state owned enterprises might be beneficial because they reduce politicians' influence over

825-764: Is approximately 70% of total employment. State-owned enterprises are thus a major factor behind Belarus's high employment rate and a source of stable employment. In most OPEC countries, the governments own the oil companies operating on their soil. A notable example is the Saudi Arabian national oil company , Saudi Aramco , which the Saudi government bought in 1988, changing its name from Arabian American Oil Company to Saudi Arabian Oil Company. The Saudi government also owns and operates Saudi Arabian Airlines , and owns 70% of SABIC as well as many other companies. China's state-owned enterprises are owned and managed by

880-542: Is debatable what the term "state" implies (e.g., it is unclear whether municipally owned corporations and enterprises held by regional public bodies are considered state-owned). Next, it is contestable under what circumstances a SOE qualifies as "owned" by a state (SOEs can be fully owned or partially owned; it is difficult to determine categorically what level of state ownership would qualify an entity to be considered as state-owned since governments can also own regular stock , without implying any special interference). Finally,

935-839: Is engaged with shipbuilding , marine cargo transport, air cargo , and other elements of logistics . HNA Innovation Finance is headquartered in Hong Kong; its main business covers bulk commodity trading, financial investment and consumer finance products and services. HNA Innovation Media and Entertainment . The shares of HNA Group were owned by two companies directly: Hainan Jiaoguan Holding ( Chinese : 海南交管控股 ; pinyin : Hǎinán jiāoguǎn kònggǔ ; lit. 'Hainan Traffic Administration Holding') for 70% and Yangpu Jianyun Investments ( Chinese : 洋浦建运投资 ) for 30%. Two companies originally were incorporated by Chinese state-owned enterprises, such as Haikou Meilan International Airport . Hainan Traffic Administration Holding

990-617: Is highlighted in the predominant local terminology, with SOEs in Canada referred to as a " Crown corporation ", and in New Zealand as a " Crown entity ". The term " government-linked company " (GLC) is sometimes used, for example in Malaysia , to refer to private or public (listed on a stock exchange) corporate entities in which the government acquires a stake using a holding company . The two main definitions of GLCs are dependent on

1045-522: Is involved in the tourism industry . Subgroup HNA Hospitality Group operates several resorts, business hotels, boutique hotels , and the Tangla hotel chain. In 2015, the HNA Group purchased a failing hotel in Kerhonkson, New York , in upstate New York. The Hudson Valley Resort & Spa was featured on an October 2017 Planet Money podcast exploring why a Chinese multinational company would invest in

1100-637: Is known as Radisson Rewards. In June 2022, Radisson Hotel Group agreed to sell Radisson Hotels Americas (consisting of the Radisson franchise agreements, operations and intellectual property in the United States, Canada, Latin America and the Caribbean) to Choice Hotels for $ 675 million. The deal closed on August 11, 2022. Curt Carlson , founder of the namesake company , bought Radisson Hotel in downtown Minneapolis in 1962 (Radisson Hotel Group claimed it

1155-715: The State-owned Asset Supervision and Administration Commission (SASAC) . China's state-owned enterprises generally own and operate public services, resource extraction or defense. As of 2017 , China has more SOEs than any other country, and the most SOEs among large national companies. China's SOEs perform functions such as: contributing to central and local governments revenues through dividends and taxes, supporting urban employment, keeping key input prices low, channeling capital towards targeted industries and technologies, supporting sub-national redistribution to poorer interior and western provinces, and aiding

SECTION 20

#1732780744319

1210-882: The Minister of Finance II, the Minister in the Prime Minister's Department in charge of the Economic Planning Unit, the Chief Secretary to the Government, Secretary General of Treasury and the heads of each of the GLICs (the Employees Provident Fund, Khazanah Nasional Berhad , Lembaga Tabung Angkatan Tentera (the armed forces pension fund), Lembaga Tabung Haji and Permodalan Nasional Berhad . Khazanah Nasional Berhad provided

1265-482: The Radisson franchise agreements, operations and intellectual property in the United States, Canada, Latin America and the Caribbean to Choice Hotels for $ 675 million. The deal closed on August 11, 2022. As of 2024, the Radisson Hotel Group operates properties under the following brands: Radisson also operated hotels under the brand Regent Hotels & Resorts , which was sold in 2010, and as Hotel Missoni under

1320-1019: The USSR. Governments in Western Europe, both left and right of centre, saw state intervention as necessary to rebuild economies shattered by war. Government control over natural monopolies like industry was the norm. Typical sectors included telephones , electric power , fossil fuels , iron ore , railways , airlines , media , postal services , banks , and water . Many large industrial corporations were also nationalized or created as government corporations, including, among many others: British Steel Corporation , Equinor , and Águas de Portugal . A state-run enterprise may operate differently from an ordinary limited liability corporation. For example, in Finland, state-run enterprises ( liikelaitos ) are governed by separate laws. Even though responsible for their own finances, they cannot be declared bankrupt ;

1375-483: The chain was rebranded into "Country Inn & Suites by Radisson". HNA Group HNA Group Co., Ltd., was a Chinese conglomerate headquartered in Haikou , Hainan , China. Founded in 2000, it was involved in numerous industries including aviation, real estate, financial services, tourism, logistics, and more. It is the owner of Hainan Airlines and a part owner of Grand China Air . In July 2017, HNA Group ranked No. 170 in 2017 Fortune Global 500 list with

1430-808: The closing of the final chapter in the now defunct HNA Group. In 1993, Chen Feng , Wang Jian , Tan Xiangdong , among others, created Hainan Airlines , with approval by the Hainan Provincial Government. Following a restructuring of the airline in 1997, they founded HNA Group Co. Ltd. in January 2000. Since then, the Group has undergone great diversification , entering multiple industries such as tourism and logistics . It also significantly expanded its involvement with both national and international companies. These include several airlines , NH Hotel Group , Uber , and an office tower and

1485-648: The company and received no compensation for doing so”. HNA Group also sued in exile Chinese billionaire Guo Wengui for defamation in June 2017, which Guo was spreading the rumour on the identity of the true owner of the group. In 2017, the Swiss Takeover Board ruled that HNA Group provided false information regarding Bhisé and Guan on the takeover of Gategroup . In September 2019, the Swiss Financial Market Supervisory Authority announced that it would lodge

1540-521: The company. It is expected for the restructuring to take one year to complete. As part of the restructuring, most of the shares of HNA Group will be transferred to its creditors. In September 2021, founder and chairman Chen Feng and CEO Tan Xiangdong were arrested, while Chen's son Xiaofeng remained on HNA's board. The failed to restructuring makes HNA Group forced to split its assets and acquired by different buyers. In December 2021, HNA's aviation including its founding and flagship brand Hainan Airlines,

1595-549: The division expanded into Europe, the Middle East and Africa markets (EMEA) by signing a franchise agreement with SAS Group 's SAS International Hotels (SIH). SIH would use Carlson's brand Radisson in EMEA. The agreement gave birth of the co-brand Radisson SAS , which became Radisson Blu since 2009. SAS International Hotels, later known as Rezidor SAS Hospitality in 2001 and then Rezidor Hotel Group in 2006, had expanded into

1650-507: The form of Public Sector Undertakings (PSUs). The Malaysian government launched a GLC Transformation Programme for its linked companies and linked investment companies ("GLICs") on 29 July 2005, aiming over a ten-year period to transform these businesses "into high-performing entities". The Putrajaya Committee on GLC High Performance ("PCG"), which oversaw this programme, was chaired by the Prime Minister , and membership included

1705-645: The fourth quarter of 2017, Carlson Hotels, Inc. (the US-based holding company of Carlson Rezidor Hotel Group) was renamed Radisson Hospitality, Inc., while the Brussels-based Swedish-listed subsidiary (Rezidor Hotel Group AB) was renamed Radisson Hospitality AB in May 2018. The whole group received a new trading name – Radisson Hotel Group. The Club Carlson customer loyalty program was renamed Radisson Rewards. In August 2018, Radisson Hotel Group

Radisson Hotel Group - Misplaced Pages Continue

1760-412: The leading application of the incomplete contract theory to the issue of state-owned enterprises. These authors compare a situation in which the government is in control of a firm to a situation in which a private manager is in control. The manager can invest to come up with cost-reducing and quality-enhancing innovations. The government and the manager bargain over the implementation of the innovations. If

1815-458: The license agreement of Hotel Missoni. Carlson Rezidor's Hotel Missoni Edinburgh and Hotel Missoni Kuwait would cease to use the brand Hotel Missoni not later than June 30, 2014. In the same month, two new brands of the group were introduced, namely Quorvus Collection and Radisson Red . In March 2016, Carlson Rezidor acquired a 49% stake in German hotel chain prizeotel, for €14.7 million, with

1870-530: The measures were signed into effect. A year after investing, HNA Group was in talks to sell some or all of its 25% share in Hilton Grand Vacations , a timeshare business which had spun off from Hilton Worldwide Holdings the year before. Overall debt in 2017 is said to have reached $ 94 billion at a borrowing cost of $ 5 billion for the full year. To ease the burden, the company disposed of assets worth $ 13 billion. The liquidity shortage also led

1925-592: The negotiations fail, the owner can decide about the implementation. It turns out that when cost-reducing innovations do not harm quality significantly, then private firms are to be preferred. Yet, when cost-reductions may strongly reduce quality, state-owned enterprises are superior. Hoppe and Schmitz (2010) have extended this theory in order to allow for a richer set of governance structures, including different forms of public-private partnerships . SOEs are common with natural monopolies , because they allow capturing economies of scale while they can simultaneously achieve

1980-447: The non-delivery of up to six Airbus A330 aircraft to be delivered to the group. On 29 January 2021, HNA Group declared bankruptcy after debt restructuring efforts failed. The Hainan High Court criticized the company's corporate governance structure regarding management of its affiliates in the ruling. Hainan Airlines confirmed that it was operating as normal. Creditors were demanding the equivalent of US$ 187 billion in liabilities from

2035-434: The owners also became the 6 shareholders of Jianyun Investments with the same ratio; for newly established Xinhuading, the shareholders were 4 more HNA Group directors Lu Ying ( Chinese : 逯鹰 ), Zhang Ling ( Chinese : 张岭 ) Huang Gan ( Chinese : 黄玕 ) and Huang Qijun ( Chinese : 黄琪珺 ). After much speculation on his identity, Guan Jun, by-then the indirect second largest shareholder of HNA Group (who acquired

2090-399: The private sector (perhaps because the good that is being produced requires very risky investments, when patenting is difficult, or when spillover effects exist), the government can help these industries get on the market with positive economic effects. However, the government cannot necessarily predict which industries would qualify as such 'infant industries', and so the extent to which this

2145-428: The proportion of the corporate entity a government owns. One definition purports that a company is classified as a GLC if a government owns an effective controlling interest (more than 50%), while the second definition suggests that any corporate entity that has a government as a shareholder is a GLC. The act of turning a part of government bureaucracy into a SOE is called corporatization . In economic theory ,

2200-451: The question of whether a firm should be owned by the state or by the private sector is studied in the theory of incomplete contracts developed by Oliver Hart and his co-authors. In a world in which complete contracts were feasible, ownership would not matter because the same incentive structure that prevails under one ownership structure could be replicated under the other ownership structure. Hart, Shleifer, and Vishny (1997) have developed

2255-469: The service. Conversely, they might be detrimental because they reduce oversight and increase transaction costs (such as monitoring costs, i.e., it is more difficult and costly to govern and regulate an autonomous SOE than it is the public bureaucracy). Evidence suggests that existing SOEs are typically more efficient than government bureaucracy, but that this benefit diminishes as services get more technical and have less overt public objectives. Compared to

Radisson Hotel Group - Misplaced Pages Continue

2310-421: The stake from Bharat Bhisé), donated the stake to a US-registered private foundation Hainan Cihang Charity Foundation, Inc. in 2017. Reuters also interviewed Bharat Bhisé, who had served as a director of several subsidiaries of HNA Group, as well as a business partner in acquisition via Bhisé's owned Bravia Capital as well as a dealmaker, say he hold the shares of HNA Group indirectly, was “an 'accommodation' to

2365-814: The stake owned by the union, were transferred in 2016. According to the record in the National Credit Information Publicity System, part of the stake (6.78%) of Hainan Traffic Administration Holding held by Zhongxin Airlines Holding was transferred to newly established company Xinhuading. While Jianyun Investments was now owned by HNA Group directors Chen Feng ( Chinese : 陈峰 , 35.05%), Wang Jian ( Chinese : 王健 , 35.05%), Chen Wenli ( Chinese : 陈文理 , 9.23%), Tan Xiangdong ( Chinese : 谭向东 , 6.89%), Li Jing ( Chinese : 李箐 , 6.89%) and Li Xianhua ( Chinese : 李先华 , 6.89%). For Zhongxin Airlines Holding,

2420-465: The state answers for the liabilities. Stocks of the corporation are not sold and loans have to be government-approved, as they are government liabilities. State-owned enterprises are a major component of the economy of Belarus . The Belarusian state-owned economy includes enterprises that are fully state-owned, as well as others which are joint-stock companies with partial ownership by the state. Employment in state-owned or state-controlled enterprises

2475-497: The state's response to natural disasters, financial crises and social instability. China's SOEs are at the forefront of global seaport-building, and most new ports constructed by them are done within the auspices of the Belt and Road Initiative . As of at least 2024, an Ethiopian SOE is Africa's largest and most profitable airline, as well as Ethiopia's largest earner of foreign exchange. In India , government enterprises exist in

2530-657: The term "enterprise" is challenged, as it implies statutes in private law which may not always be present, and so the term "corporations" is frequently used instead. Thus, SOEs are known under many other terms: state-owned company, state-owned entity, state enterprise, publicly owned corporation, government business enterprise, government-owned company, government controlled company, government controlled enterprise, government-owned corporation, government-sponsored enterprise , commercial government agency, state-privatised industry public sector undertaking, or parastatal, among others. In some Commonwealth realms , ownership by The Crown

2585-530: The world's first alliance of low-cost carriers , U-FLY Alliance . While the founding members of the alliance— HK Express , Lucky Air, Urumqi Air, and West Air—are all affiliated with HNA Aviation, the alliance is also open to airlines not within HNA Group. On 27 March 2019, HNA Aviation sold full stake of HK Express to Cathay Pacific for HK$ 4.93 billion. The transaction was expected to be completed by 31 December 2019, and by that time HK Express would become Cathay Pacific's wholly owned subsidiary. HNA Tourism

2640-399: Was 1960). 40 years later, the hotel division of Carlson had expanded into one of the top hotel corporations, as of 2013. On top of Radisson Hotels , the division also owned several other brands, such as Park Inn , Park Plaza (acquired in 2000), Country Inns & Suites (founded by Carlson in 1986), etc. The division acquired the brand Regent in 1997, but sold the brand in 2010. In 1994,

2695-593: Was 50% owned by Tang Dynasty Development ( Yangpu ) ( Chinese : 盛唐发展(洋浦) ), 25% by Yangpu Hengsheng Chuangye ( Chinese : 洋浦恒升创业 ) and 18.21% by Yangpu Zhongxin Airlines Holding ( Chinese : 洋浦中新航空实业 ) and 6.78% by Hainan Xinhuading Trading ( Chinese : 海南炘华鼎贸易 ) as of March 2017. Tang Dynasty Development (Yangpu) was 65% owned by Hainan Province Cihang Charity Foundation ( Chinese : 海南省慈航公益基金会 ) and 35% by Hong Kong incorporated company Tang Dynasty Development ( simplified Chinese : 盛唐发展 ; traditional Chinese : 盛唐發展 ). Tang Dynasty Development

2750-431: Was 98% owned by Caymans -incorporated Pan-American Aviation Holding and 2% owned by Hainan Airlines. Pan-American Aviation Holding was 100% owned by Guan Jun as of 2016 ( Chinese : 貫君 ; pinyin : Guàn Jūn , acquired from Bharat Bhisé in 2016). Yangpu Hengsheng Chuangye was owned by HK incorporated company Headstreams Investment ( simplified Chinese : 千江源投资 ; traditional Chinese : 千江源投資 ), which

2805-469: Was 98% owned by Bharat Bhisé and 2% by R.J. Conrads in 2004. As in 2015 Bhisé still owned 98% of Headstreams Investment, while the 2% stake of Headstreams was owned by Caymans-incorporated HAC (RAC), Limited as in 2011. In 2016, Bhisé also transferred the stake of Headstreams to Jun Guan. Yangpu Jianyun Investments and Yangpu Zhongxin Airlines Holding were owned by The Committee of Hainan Airlines Trade Union ( Chinese : 海南航空股份有限公司工会委员会 ). However, all

SECTION 50

#1732780744319

2860-441: Was licensed from Missoni . Rezidor Hotel Group, formerly Rezidor SAS, became a listed company in 2006. SAS Group ceased to be the shareholder of Rezidor Hotel Group in 2007, while Carlson, a significant shareholder of Rezidor SAS since 2005, became the parent company of Rezidor Hotel Group in 2010. Since January 2012, the enlarged hotel group was trading as Carlson Rezidor Hotel Group. In February 2014, Carlson Rezidor terminated

2915-583: Was sold to Liaoning Fangda Group Industrial . HNA Aviation is affiliated with multiple Chinese airlines . These include the following: The group also has stakes in some carriers based outside the Chinese mainland, including Hong Kong Airlines as well as Africa World Airlines , Azul Brazilian Airlines (23.7%), MyCargo Airlines , TAP Air Portugal (2.5%) and had a stake in Virgin Australia (13%). On 18 January 2016, HNA Aviation formed

2970-402: Was sold to Liaoning Fangda Group Industrial . In 2017 the total number of employees in the Group was over 410,000 and the number of overseas employees was nearly 290,000. HNA Group was composed of seven sub-groups: HNA Aviation, HNA Tourism, HNA Capital, HNA Holdings, HNA Modern Logistics, HNA Innovation Finance, and HNA Innovation Media & Entertainment. In December 2021, HNA Aviation

3025-445: Was sold to Aplite Holdings AB, a consortium led by a Chinese state-owned hospitality company, Jin Jiang International . According to the press release, Radisson Hotel Group had more than 1,400 hotels in operation and under development at that time. As of December 2017, the listed subsidiary Rezidor Hotel Group AB had been operating 369 hotels. In June 2022, the Radisson Hotel Group agreed to sell Radisson Hotels Americas, consisting of

#318681