Reliance subsidiary acquires New York’s premium luxury hotel Mandarin Oriental for $98.15 million
Industrialist Mukesh Ambani led Reliance Group purchased the luxury hotel Mandarin Oriental in New York. According to the disclosure issued by Reliance to Indian Stock Exchanges, the purchase value is $98.15 million (around Rs.740 crores). Reliance already has stake in the hotel industry by acquiring shares in Oberoi Group Hotels and UK-based hotel group Stoke Park.
“Reliance Industrial Investments and Holding Limited (RIIHL), a wholly-owned subsidiary of Reliance Industries Limited (RIL) has today, entered into an agreement to acquire the entire issued share capital of Columbus Centre Corporation (Cayman) a company incorporated in the Cayman Islands and the indirect owner of a 73.3% stake in Mandarin Oriental New York, one of the premium luxury hotels in New York City for an equity consideration of approximately US$981.5 million,” said the statement issued by Reliance Industries.
“Set up in 2003, Mandarin Oriental New York is an iconic luxury hotel located at 80 Columbus Circle, directly adjacent to the pristine Central Park and Columbus Circle,” said the statement detailing about the Hotel Mandarin Oriental. Reliance also said that the transaction process will end by March 2022 and expressed willingness to buy the remaining 26.63 percent shares in the hotel Mandarin Oriental soon.
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