Reliance Industries acquires controlling stakes in luxury hotel Mandarin Oriental
- ByTejika Bajaj | January 10, 2022
The global conglomerate owned and operated by the Billionaire Mukesh Ambani happens to be on an acquisition spree as the investment subsidiary of Reliance Industries, Reliance Industrial Investments and Holdings Ltd has recently acquired a majority stake in the New York based luxury five star hotel Mandarin Oriental.
The company has revealed that it has paid $98.15 million to buy controlling stakes in the luxury hotel chain. Reliance Industrial Investments and Holdings Ltd will acquire a stake of 73.37% in Mandarin Oriental directly from Cayman Islands based Columbus Centre Corp which is an indirect owner of the hotel.
This acquisition amounts to the second acquisition of a hotel chain by Reliance Industries with the last acquisition taking place 10 months prior to this. Last April, RIL acquired Stoke Park Ltd, a luxury hotel, spa, and country club in the UK for $79 million.
“This acquisition will add to the consumer and hospitality footprint of the group. The group already has investments in EIH Ltd (Oberoi Hotels), Stoke Park Limited in UK and is developing a state-of-the-art convention centre, hotel and managed residences in BKC Mumbai .The closing of the transaction is anticipated by the end of March 2022,” RIL said in a statement.
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. It had revenues of $115 million in 2018, $113 million in 2019 and $15 million in 2020.
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