HNA Tourism Group, a unit of Chinese conglomerate HNA Group, agreed to purchase US-based Carlson Hotels, the company said in a statement on Wednesday.

Carlson Hotels operates popular hotel chains including Radisson and Country Inns and Suites in several countries.      

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HNA Tourism Group will acquire a 100 percent stake in Carlson Hotels, while it will take up 51.3 percent stake in its Brussels-based subsidiary company Rezidor Hotel Group.

Financial details of the acquisition have not been disclosed, but people close to the matter said that Carlson Hotels will get approximately $2 billion out of this deal.

The deal is subjected to regulatory clearance. Both companies are confident that deal will be completed in the second half of 2016. HNA Tourism Group said that Carlson Hotels headquarters will remain in Minnesota after the deal is completed.          

HNA Tourism's CEO Bai Haibo said that the deal will help "establish our presence in the U.S. market and expand our footprint in hospitality internationally."

Carlson Hotels operate 1,400 hotels across 115 countries and employs approximately 1 million employees through its hotel chains.

The deal is the latest in a slew of foreign acquisitions by Chinese companies who have been in a buying spree for past couple of years to offset the effect of China's economic slowdown. The total value of China's foreign acquisition crossed $1 trillion dollars for the first time last year.   

TagsRadisson Hotels, Carlson Hotels