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NH Hoteles described the deal as a strategic partnership and said the two groups planned to set up a joint venture to develop hotels in China.
Mariano Perez Claver, the chairman of the NH Hoteles, said the deal was of great value because as well as strengthening the balance sheet it represents an important strategic step for NH Hoteles in giving access to the "enormous potential" of the Chinese market.
NH Hoteles runs 400 hotels in 25 countries, mainly in Europe. Focusing on business clients in city locations it suffered, along with other hotel groups, during the economic downturn in the Eurozone.
HNA Group, which has assets worth EUR40 billion and more than 80,000 employees, owns Hainan Airlines, a fleet of merchant ships, and a company that runs more than 50 hotels in China and three in Europe.
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