Reliance Industries, the multinational conglomerate company headquartered in Mumbai, and its owner, billionaire Mukesh Ambani, is taking a controlling stake in New York’s Mandarin Oriental Hotel.
According to reports, Ambani is buying a majority stake in the hotel for a reported $98.15 million through a deal for Columbus Centre Corp., the parent company of Mandarin Oriental New York. The deal is expected to close in March.
According to Reuters, which first reported the news, Reliance Industries will own 73.37% after the deal is completed and could purchase the remaining 26.63% if its owners decide to sell.
The Columbus Circle hotel, one of New York’s iconic properties, like so many other hotels, has faced a difficult two years because of the COVID-19 pandemic. The five-star property is located in the north tower of the Deutsche Bank Center in Columbus Circle and includes one of just two Forbes Five-star spas in Manhattan, a number of on-site restaurants, and 64 residences.
It has regularly been named to “Best Hotel” lists, including from consumer media like Travel + Leisure, Conde Nast Travelers, Forbes, and more.