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Reliance Industries is taking a chunk of the real estate and hospitality market of the Big Apple by buying the Mandarin Oriental hotel in New York. The 248 room and suites property is one of the city’s uber luxury lodging establishments frequented by Hollywood celebrities and billionaires. Mukesh Ambani of Reliance Industries has acquired majority shares of Mandarin Oriental, New York for $98.5 million. This acquisition would add to the hospitality footprint of the Reliance group of industries.
Billionaire Mukesh Ambani’s Reliance Industries Ltd announced the acquisition of New York’s premium luxury hotel Mandarin Oriental for $98.15 million. Mandarin Oriental is an iconic luxury hotel in 80 Columbus Circle, adjacent to the pristine Central Park.
Reliance Industrial Investments and Holdings limited (RIIHL) has entered into an agreement with Columbus Centre Corporation, a company incorporated in the Cayman Islands to acquire the entire issued share capital to be the direct owner of a 73.37 percent stake in the Mandarin Oriental, New York. The equity added up to USD 98.15 million. This would be the second iconic hotel acquired by the Reliance Group within a year.
The Mandarin Hotel has a global recognition and has won several influential awards including AAA Five Diamond Hotel, Forbes Five Star Hotel and Forbes Five Star Spa. The revenue of the hotel has been between $113 and $115 according to the Reliance files. The Reliance Group already has investments in EIH Ltd., Oberoi Hotels and Stoke Parkin in the UK.
The purchase of the Mandarin Hotel is likely to put Mukesh Ambani in direct competition with Tata’s Group’s Indian Hotels that runs the Taj Hotel, a stone's throw away from the Mandarin property. The Mandarin Oriental owners will continue to manage the property post the sale of the property.
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