Reliance acquires 73.37% in the Mandarin Oriental hotel in New York

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Reliance Industrial Investments and Holdings Limited, a wholly owned subsidiary of Reliance Industries Ltd (RIL), has entered into an agreement to acquire the entire share capital of Columbus Center Corporation, Cayman Islands, for an equity consideration of 98.15 million of dollars (Rs 735 crore).

Columbus Center is the indirect owner of a 73.37 percent stake in Mandarin Oriental New York, one of New York City’s upscale luxury hotels.

Established in 2003, the Mandarin Oriental New York is an iconic luxury hotel located at 80 Columbus Circle, right next to pristine Central Park and Columbus Circle, a RIL file read on Saturday.

If the other hotel owners decide to participate in the sale transaction, RIIHL would acquire the remaining 26.63 percent, based on the same valuation used to acquire the indirect interest of 73.37 percent. hundred.

Mandarin Oriental achieved revenue of $ 115 million in 2018, $ 113 million in 2019 and $ 15 million in 2020. This acquisition will add to the consumer and hospitality footprint of the Reliance Group.

The group already has investments in EIH Ltd (Oberoi Hotels), Stoke Park Ltd in the UK and is developing a state-of-the-art convention center, hotel and managed residences at BKC Mumbai, the file adds.

The transaction is expected to close by the end of March and is subject to certain customary regulatory and other approvals and the satisfaction of certain other conditions.


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