Bedroom view of Mandarin Oriental hotel in New York, US. Credit: s.yume/Flickr.

India-based Reliance Industries Limited’s (RIL) subsidiary has signed agreement to acquire a controlling stake in Mandarin Oriental hotel in New York, US.

Under the agreement, Reliance Industrial Investments and Holdings Ltd (RIIHL) will buy 73.37% stake held indirectly by Columbus Centre Corporation (Cayman) in a deal valued at $98.15m.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Located at 80 Columbus Circle, the five-star Mandarin Oriental hotel features elegant guestrooms and suites and amenities including MO Lounge, a 14,500ft2 spa, an advanced fitness centre and a 75ft lap pool.

Mandarin Oriental hotel was established in 2003. It generated revenues of $115m in 2018, $113m in 2019 and $15m in 2020.

The acquisition is in line with RIL’s strategy to expand its consumer and hospitality presence.

It follows the acquisition of Stoke Park, a luxury hotel, spa and country club in the UK in a deal valued at $79m.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

RIL in a statement said: “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 state-of-the-art convention centre, hotel and manged residences in BKC Mumbai.”

In addition to acquiring the majority stake, RIIHL has offered to use the same valuation to take over the remaining 26.63% stake from the other owners of the hotel.

Law firm Mayer Brown serve as legal counsel for RIL on the transaction.

Completion of the deal is subject to certain customary regulatory and other approvals. It is expected to complete by the end of March this year.