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Reliance to buy control of Mandarin Oriental New York in $98 million deal -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A bird passes by a Reliance Industries logo on its Ahmedabad mart, India. January 16, 2017. REUTERS/Amit Dave/File Photo

(Reuters) – Indian conglomerate Reliance Industries Ltd paid close to $100 million for a controlling interest in Mandarin Oriental New York. This five-star Manhattan hotel is part of a larger deal that a parent company based in the Cayman Islands purchased.

Reliance announced in a stock market filing that its subsidiary for industrial investments will purchase Columbus Centre Corp (Cayman Islands) with an estimated equity value of $98.15 Million.

Reliance Industrial Investments and Holdings Ltd said that Columbus Centre Corp (Cayman), a indirect owner of 73.37% in Mandarin Oriental New York’s Mandarin Oriental, would be acquired by them. This acquisition will increase their hospitality and consumer services.

According to the company, closing the transaction can be expected by March 2022.

The hotel’s owners could choose to take part in the deal. It stated that its subsidiary would then acquire 26.63% of the stake, using the same value as the 73.37% indirect stake.

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