Reliance acquires controlling stake of 73.37% in New York’s Mandarin Oriental hotel for around $270 mn
- Reliance Industries Ltd (RIL) has announced the acquisition of controlling stake in Mandarin Oriental New York, a premium luxury hotel in midtown Manhattan.
- RIL through its wholly owned arm Reliance Industrial Investments and Holdings Limited has acquired the entire share capital of Cayman Islands-based Columbus Centre Corporation (Cayman), for an equity value of approximately $98.15 million(Rs 735 crore).
- Cayman is the parent company of Mandarin Oriental hotel. It had an indirect ownership of 73.37 percent stake in the hotel.
- Reliance will also take over the hotel’s debt in excess of $115 million to take the entire deal value to around $270.
- The transaction is anticipated to close by the end of March 2022.
Source: Business Standard