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Indian Conglomerate Buys Majority Stake in Mandarin Oriental New York for $98M

The Mandarin Oriental New York is trading hands for $98.15 million. The Indian conglomerate Reliance Industries Ltd. reported in a stock filing that one of its subsidiaries will acquire the hotel’s parent company’s stake for that amount, according to Reuters. The Cayman Islands-based parent, Columbus Centre Corp., owns a 73.37% stake in the hotel.

The transaction is expected to close by the end of March. Reliance said it would acquire the remaining stake if the hotel's other owners choose to also sell their shares, using the same valuation.

The Investment Corporation of Dubai, which controls the Cayman-based parent, took over the building in 2015, according to CNN, which also reports that as of last March, the Mandarin Oriental Hotel Group still owned a 25% stake.
Reprinted with permission from the Mon, 10 Jan 2022 06:08:09 EST online edition of GlobeSt © 2022 ALM Media Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-256-2472 or reprints@alm.com.