Reliance Industries is one of the biggest conglomerates in India and new reports state that the group is in the talk to acquire a controlling stake in a luxury five-star hotel in midtown Manhattan, Mandarin Oriental New York by nearly paying 100 million dollars. The Group is closing this deal through the purchase hotel’s Cayman Islands-based parent.
On Saturday, January, 8 Indian Conglomerate informed that the group’s industrial investment will acquire Cayman Islands-based Columbus Centre Corp (Cayman) for an equity value of approximately $98.15 million in a stock exchange filing.
The Group also stated that the acquisition of Columbus Centre Corp will also add New York’s luxury 5-star hotel Mandarin Oriental, New York to Reliance Industrial Investments and Holdings Ltd and would add to its consumer and hospitality activities. The closing transition of this deal will be anticipated by the end of March 2022.
It is also added that the other owners of the hotel will also be able to participate in the transaction during this event, its subsidiary will acquire another 26.63 % stake, based on the valuation recorded for acquiring the indirect 73.37 % stake.
Mandarin Oriental, New York is an iconic hotel situated at 80 Columbus Circle and was started in 2003.