Reliance buys luxury hotel Mandarin Oriental in New York for $ 98.15 million

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Reliance Industries Ltd (RIL), India’s largest company by revenue, profit and market value, announced the acquisition of Mandarin Oriental Hotels, a flagship New York property in Columbus Circle, for “capital consideration. of approximately $ 98.15 million ”. This is the latest addition to RIL’s $ 5.6 billion acquisitions in eight verticals.

Located at 80 Columbus Circle, the Mandarin Oriental is on the corner of Central Park, New York City’s largest green space. Its rooms overlook the Hudson River and are just steps from the Broadway Theater District, Lincoln Center, Central Park, and about a 20-minute walk to Times Square.

Mandarin Oriental operates 35 hotels and seven residences in 24 countries, including six hotels in the United States.

Reliance’s takeover of the New York-based Mandarin Oriental property is expected to close by March 2022, according to a company’s disclosure to the stock exchanges dated Jan.8.

The Mandarin Oriental brand has Irish-born ‘Schindler’s List’ and ‘Taken’ actor Liam Neeson among its fans.

“Some hotels understand, they understand my area. A lot of hotels don’t understand. Mandarin Oriental understands,” Neeson says in one of the hotel‘s 47 short videos in the “I’m a Fan” series on his networks social. .

New York’s latest deal is RIL’s second in the luxury hospitality industry in two consecutive years. In 2021, RIL bought Stoke Park Ltd – a 300-acre frame for two James Bond films – for $ 79 million. Stoke Park, the UK’s premier country club, is a private sports and leisure estate located in Buckinghamshire, a county in the south-east of England.

Reliance Industrial Investments and Holdings Ltd, a wholly-owned subsidiary of Reliance Industries, also owns an 18.53 percent stake in EIH Ltd of the Oberoi group.

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Posted on: Sunday January 09th, 2022 08:41 IST


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