Reliance to buy control of New York’s Mandarin Oriental Hotel for $98 million – World Affairs SRS

Reliance to buy control of New York’s Mandarin Oriental Hotel for $98 million

– World Affairs SRS

Reliance Industries Ltd. is paying about $100 million for a controlling stake in Mandarin Oriental New York, a five-star hotel in midtown Manhattan, through the purchase of its Cayman Islands-based parent.

Reliance said in a stock exchange filing on Saturday that its industrial investment subsidiary will acquire Cayman Islands-based Columbus Center Corp (Cayman) for an equity value of approximately $98.15 million.

The acquisition of Columbus Center Corp (Cayman), an indirect owner of a 73.37 per cent stake in Mandarin Oriental New York by Reliance Industrial Investments and Holdings Ltd, will add to its consumer and hospitality activities, the company said. The company said the transaction is expected to be concluded by the end of March 2022.

It said that if the hotel’s other owners elect to participate in the transaction, its subsidiary will acquire the remaining 26.63% stake, based on the same valuation used for the acquisition of an indirect 73.37 percent stake. But, Reuters reported.

The hotel won several impressive awards and the acquisition will help the group grow its consumer and hospitality footprint, a Reliance statement said. The group has investments in EIH Ltd (Oberoi Hotels), Stoke Park Ltd in the UK and is developing a convention centre, hotel and accommodation in Mumbai.

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