Reliance Industries Limited, owned by billionaire Mukesh Ambani, purchased the Mandarin Oriental in New York for USD 98.15 million (about Rs 728 crore). On Saturday, Reliance Industries Limited made this announcement. The Mandarin Oriental Hotel, located at 80 Columbus Circle in New York, was built in 2003 and is an iconic luxury hotel. It is close to Central Park and Columbus Circle, both of which are historic landmarks.
Reliance Industrial Investments and Holdings Limited (RIIHL), a wholly owned subsidiary of Reliance Industries Limited (RIL), has acquired the entirety of Columbus Center Corporation (Cayman) for approximately USD 98.15 million, according to a stock exchange filing. a company incorporated in the Cayman Islands and an indirect owner of 73.37 percent in Mandarin Oriental New York, has entered into an agreement to acquire the issued share capital, a company incorporated in the Cayman Islands and an indirect owner of 73.37 percent in Mandarin Oriental New York.
‘The transaction is expected to close by the end of March 2022, subject to the satisfaction of certain customary regulatory and other approvals, as well as certain other conditions,’ according to Reliance. This is Reliance’s second purchase of the iconic hotel in less than a year.
Stoke Park, Britain’s first iconic country club and golf resort, was purchased for £57 million, or Rs 592 crore, in April of last year. Reliance bought Stoke Park Ltd in the UK in April of last year, where two James Bond films were shot.
The Mandarin Oriental in New York is well-known around the world and has received numerous awards, including the AAA Five Diamond Hotel, the Forbes Five Star Hotel, and the Forbes Five Star Spa. Reliance’s revenue was USD 115 million in 2018, USD 113 million in 2019, and USD 15 million in 2020, according to filings.