HNA Group has appointed banks to seek out buyers of its majority stake in NH Hotel Group of Spain.
The move comes after NH itself turned down a takeover offer from peer Barcelo.
HNA said it had hired Benedetto, Gartland & Company and JP Morgan to look for possible buyers of its stake in NH Hotel Group.
The 29.5 per cent stake is valued at around €630 million at current prices.
The announcement comes after Reuters reported that the US government would not approve any HNA investments in the United States until the Chinese conglomerate provided further information on who its shareholders are.
Last year Spain overtook the United States to become the second most visited country in the world after France.
The European destination has seen tourism numbers boosted by security concerns in some rival markets in the Middle East and North Africa.
Heavily indebted HNA Group has had an acrimonious relationship with NH Hotels.
Its representatives were ejected from NH’s board in 2016 after HNA’s purchase of rival hotel group Carlson-Rezidor led to accusations of conflict of interest.