Reliance acquires controlling stake of 73.37% in New York’s Mandarin Oriental hotel for around $270 mn

Reliance Industries Ltd (RIL) has announced the acquisition of a controlling stake in Mandarin Oriental New York, a premium luxury hotel in midtown Manhattan.

Reliance Industrial Investments and Holdings Limited, a wholly-owned subsidiary of Reliance Industries Ltd (RIL), has entered into an agreement to acquire the entire share capital of Columbus Centre Corporation, Cayman Islands, for an equity consideration of $98.15 million (Rs 735 crore).

Cayman is the parent company of Mandarin Oriental hotel. It had indirect ownership of 73.37 percent stake in the hotel. Reliance will also take over the hotel’s debt in excess of $115 million to take the entire deal value to around $270. The transaction is anticipated to close by the end of March 2022.