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Insight Comment |
Indian conglomerate Reliance Industries is paying around $ 98.15 million to buy a 73.37% stake in Mandarin Oriental New York.
Opened in 2003, the luxury hotel occupies a spot close to Central Park and Columbus Circle in Manhattan.
According to the Financial Times, the stake has been owned by the Investment Corporation of Dubai since 2015. In a story published last year, the New York Post said that Mandarin Oriental itself had a 25% stake in the hotel.
"This acquisition will add to the consumer and hospitality footprint of the group," Reliance Industries said in a stock market announcement.
The company has an interest in Oberoi Hotels and last year it bought the Stoke Park luxury golf resort in the UK,