Business

Reliance To Purchase Luxury Hotel In New York For Nearly $100 Million

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Reliance Industries is buying a majority stake in New York's Mandarin Asian HotelReliance Industries Limited (RIL) is paying nearly $100 million for a controlling stake in Mandarin Oriental New York City, a first-class hotel in midtown Manhattan, through the purchase of its Cayman Islands-based parent.Reliance said in a stock exchange filing on Saturday (January 8) that its industrial investments subsidiary will obtain Cayman Islands-based Columbus Centre Corp (Cayman) for an equity value of approximately $98.15 million.The company said the acquisition of Columbus Centre Corp (Cayman), an indirect owner of a 73.37 per cent stake in Mandarin Asian New York, by Reliance Industrial Investments and Holdings Ltd would add to its customer and hospitality activities.The closing of the transaction is anticipated by the end of March 2022, the business said.It added that in case other owners of the hotel choose to take part in the deal, its subsidiary would acquire the staying 26.63 percent stake, based upon the exact same valuation used for the acquisition of the indirect 73.37 per cent stake.Set up in 2003, Mandarin Asian, New York City is a renowned luxury hotel situated at 80 Columbus Circle, straight surrounding to the pristine Central Park and Columbus Circle.




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