China’s HNA Group will buy a stake of about 25 percent in Hilton for USD$6.5 billion in cash.

The transaction will see Blackstone Group’s stake in Hilton Worldwide drop from just under 46 percent to about 21 percent.

The deal is expected to close in the first quarter of 2017.

Hilton has “an unmatched portfolio of high-quality brands and a reputation for operational excellence,” HNA Group chief executive Adam Tan said. “We look forward to working together on new initiatives that leverage our respective strengths.”