Reliance to buy luxury hotel in New York for USD 100 million

New York : Reliance Industries Limited (RIL) will be spending around USD 100 million to get the controlling stake in Mandarin Oriental New York, a five-star hotel in midtown Manhattan, through the purchase of its Cayman Islands-based parent.

Reliance said in a stock exchange filing on Saturday (January 8) that its industrial investments subsidiary will acquire Cayman Islands-based Columbus Centre Corp (Cayman) for an equity value of approximately $98.15 million.

The company said the acquisition of Columbus Centre Corp (Cayman), an indirect owner of a 73.37 per cent stake in Mandarin Oriental New York, by Reliance Industrial Investments and Holdings Ltd would add to its consumer and hospitality activities.

The final transactions are likely to get completed by the end of March 2022.

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.