PE Fund Investments
RIL buys 73% stake in New York luxury hotel Mandarin Oriental for $98.5 M
Mumbai-based, publicly listed Reliance Industries Ltd (RIL), via its wholly owned subsidiary of Reliance Industrial Investments and Holdings Ltd (RIIHL), has acquired a 100% stake in Cayman Islands incorporated Columbus Centre Corporation (Cayman), which owns a 73.37% stake in Mandarin Oriental New York, a premium luxury hotel in New York City, for approximately USD 98.15 million. Mayer Brown LLP acted as legal counsel for Reliance on the transaction. Set up in 2003, Mandarin Oriental New York is located at 80, Columbus Circle, directly adjacent to the Central Park and Columbus Circle. It had reported revenues of USD 115 million in 2018, USD 113 million in 2019 and USD 15 million in 2020. RIIHL is open to acquiring the remaining 26.63% from the other stakeholders at the same valuation. The acquisition will add to the consumer and hospitality footprint of the RIL group. The group already has investments in EIH Ltd (Oberoi Hotels), Stoke Park Limited in the UK and is developing a state-of-the-art convention centre, hotel and managed residences in BKC Mumbai
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