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Reliance Industries to Buy New York’s Mandarin Oriental Hotel for USD 98 Million

This acquisition is a part of Mukesh Ambani's RIL's expansion strategy in consumer and hospitality footprint.

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Indian global business tycoon, Mukesh Ambani-led Reliance Industries has entered a pact to acquire Mandarin Oriental, a premium luxury hotel in New York, for an equity consideration of around $98.15 million.

In a statement to bourses, the conglomerate said that RIL’s arm Reliance Industrial Investments and Holdings Limited (RIIHL), has 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 73.37% stake in Mandarin Oriental New York.

This acquisition is a part of RIL’s strategy to expand its consumer and hospitality footprint. The group has investments in EIH (Oberoi Hotels) and has acquired the 300-acre Stoke Park country club in Buckinghamshire. RIL is also developing a convention centre, hotel and managed residences in the Bandra-Kurla Complex in Mumbai.

 

Mukesh Ambani-led Reliance Industries has entered a pact to acquire Mandarin Oriental, a premium luxury hotel in New York, for an equity consideration of around $98.15 million.

Mandarin Oriental New York is located at 80 Columbus Circle, directly adjacent to Central Park and Columbus Circle. It had revenues of $115 million in 2018, $113 million in 2019 and $15 million in 2020.

The hotel that was set up in 2003 has global recognition and has won several influential awards, the RIL statement said.

SMEStreet Edit Desk

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