New York’s Mandarin Oriental is now Reliance’s hotel

Set up in 2003, 248-roomsand-suites hotel towering over Central Park is an iconic luxury hotel located at 80 Columbus Circle, directly adjacent to Central Park and Columbus Circle

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Mandarin Oriental New York, the premium luxury hotel, has been picked up by Reliance Industries. Its ballroom, five-star spa and eating and drinking venues, including MO Lounge is in great demand by the likes of celebrities like Hollywood star Liam Neeson and Lucy Liu who are its regular guests. Set up in 2003, 248-roomsand-suites hotel towering over Central Park is an iconic luxury hotel located at 80 Columbus Circle, directly adjacent to Central Park and Columbus Circle.

“Reliance Industrial Investments and Holdings Limited (RIIHL), a wholly owned subsidiary of Reliance Industries Limited (RIL), has today, entered into an agreement to acquire the entire issued share capital of Columbus Centre Corporation (Cayman), a company incorporated in the Cayman Islands

and the indirect owner of a 73.37 per cent stake in Mandarin Oriental New York, one of the premium luxury hotels in New York City for an equity consideration of approximately USD 98.15 million,” the firm said in a stock exchange filed last Saturday.

Mandarin Oriental New York has global recognition and has won several influential awards, including AAA Five Diamond Hotel, Forbes Five Star Hotel, and Forbes Five Star Spa, among others. It had revenues of USD 115 million in 2018, USD 113 million in 2019 and USD 15 million in 2020, according to the Reliance filing

This is the second acquisition of an iconic hotel by Reliance in less than a year. In April last year, Reliance acquired Stoke Park Ltd in the UK – an iconic locale that’s been the setting for two James Bond films. The two iconic locales add to its current stake in Oberoi hotels and hotel/managed residences in Mumbai that it is developing.

The hotel acquisition for Reliance Industries marks a turn for the company towards consumer offerings. Flush with INR 2.6 lakh crore in cash, Mukesh Ambani is heading a transformation even as he builds the digital and retail business into equal-sized pillars for Reliance, cutting down their dependence on profits from its traditional oil refining business.

Mandarin Oriental New York has global recognition and has won several influential awards, including AAA Five Diamond Hotel, Forbes Five Star Hotel, and Forbes Five Star Spa, among others. It had revenues of USD 115 million in 2018, USD 113 million in 2019 and USD 15 million in 2020, according to the Reliance filing.

“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 the UK and is developing a state-of-the-art convention centre, hotel and managed residences in BKC Mumbai,” the company said.

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