HNA Group will start a formal process to sell its 29 percent stake in Spain's NH Hotel, the Financial Times reported on Monday.

According to a statement released by the Spanish regulator on Monday, HNA has received several expressions of interest for its stake, so it decided to launch a formal process for the sale. 

In January, HNA said it had hired JP Morgan and Benedetto, Gartland and Co to look for possible buyers. The stake was valued at around 632 million euros (USD 753 million) at that time.

NH Hotel has nearly 400 hotels, with one-third of them located in Spain.

Read Original Article