Mandarin Oriental: Reliance purchases luxury hotel in New York

Mandarin Oriental: Reliance purchases luxury hotel in New York
Source: Brainsre

Reliance purchases New York’s luxury Mandarin Oriental hotel. The Reliance industry(RIL) will buy it at $98.15 million for acquiring 73.37% of the hotel.

Reliance Industries Limited on Saturday announced that they had signed a deal to acquire 73.37% shares of New York’s luxury hotel, Mandarin Oriental New York. The Reliance Industrial Investments and Holdings Limited (RIIHL) will purchase the hotel for $98.15 million. As per the agreement signed, Ambani led industries will also buy the entire shares of Columbus Centre Corporation (Cayman), a company included in the Cayman Islands.

Regarding the pact, RIL stated,

“The closing of the transaction is anticipated to occur by the end of March 2022”. It further said, “It is subject to certain customary regulatory and other approvals and the satisfaction of certain other conditions.”

According to RIL, this purchase will add to its consumer and hospitality footprint. They have previously sealed deals with Oberoi hotels, Stoke Park Limited, United States. They are also developing a state-of-the-art convention center, hotel and managed residences in Bandra-Kurla Complex, Mumbai.

RIL further mentioned that if, in the future, other owners decide to participate in the sale transaction, then they will also acquire the remaining 26.63% shares of the New York’s luxury hotel, Mandarin hotel.

Situated in 80 Columbus Circle, Mandarin Oriental is one of the luxurious hotels in New York. People staying at the hotel can view the Hudson River and Broadway Theatre District, Lincoln Centre, Central Park are just a few minutes away from the hotel.

Mandarin Hotel New York

  1. Mandarin Oriental has thirty-five hotels and seven residences across 24 countries, out of which six hotels are situated in the United States.
  2. In 2003, the hotel was globally recognized and had won several prestigious awards.
  3. AAA Five Diamond Hotel, Forbes Five Star Spa and Forbes Five Star Hotel awards are some of the awards the hotel has won.
  4. In 2018, 2019 and 2020, the luxury hotel clocked revenue of $115 million, 113 million and $15 million, respectively.

Liam Neeson, a famous star from ‘Taken’, is an admirer of Mandarin Oriental. In a video, Neeson said, “Certain hotels get it; they get my industry. A lot of hotels don’t. The Mandarin Oriental gets it.”

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