- Thursday, April 25, 2024
By: Shubham Ghosh
INDIA’S Reliance Industries Limited (RIL) is paying nearly $100 million (£73.5 million) for a controlling stake in Mandarin Oriental New York, a luxury hotel in midtown Manhattan, through the purchase of its parent Columbus Centre Corporation, Cayman Islands.
Columbus Centre Corporation is the indirect owner of a 73.37 per cent stake in the iconic luxury hotel located at 80 Columbus Circle.
In a stock exchange filing on Saturday (8), Reliance said that Reliance Industrial Investments and Holdings Limited (RIIHL), its industrial investments subsidiary, will acquire Columbus Centre for an equity value of approximately $98.15 million (£72 million).
The company, chaired by Mukesh Ambani, said the acquisition of Columbus Centre would add to its consumer and hospitality activities.
The transaction’s closure is anticipated by the end of 2022, the company added.
If the owners of the hotel, which was set up in 2003, decide to take part in the sale transaction, RIIHL would acquire the remaining 26.63 per cent, based on the same valuation which is used for the acquisition of the indirect 73 per cent stake.
