Reliance acquires 73.37% in New York’s Mandarin Oriental hotel

[areyentiraidhi]

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By: ENS Economic Bureau | Mumbai |
Updated: January 9, 2022 11:56:40 am

The closing of the transaction is anticipated to occur by the end of March and is subject to certain customary regulatory and other approvals and the satisfaction of certain other conditions.(REUTERS/File Photo)

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 Centre Corporation, Cayman Islands, for an equity consideration of $98.15 million (Rs 735 crore).

Columbus Centre is the indirect owner of a 73.37 per cent stake in Mandarin Oriental New York, one of the premium luxury hotels in New York City.

Set up in 2003, Mandarin Oriental New York is an iconic luxury hotel located at 80 Columbus Circle, directly adjacent to the pristine Central Park and Columbus Circle, read a filing by RIL on Saturday.

 

If the other owners of the hotel decide to participate in the sale transaction, RIIHL would acquire the remaining 26.63 per cent, based on the same valuation used for the acquisition of the indirect 73.37 per cent stake.