India's Reliance to buy majority stake in Mandarin Oriental New York

New York
Columbus Circle, Manhattan. (Melpomenem/Getty Images)

Insight Comment
This acquisition will add to the consumer and hospitality footprint of the group. This is another substantial property deal for Reliance Industries and Mukesh Ambani. Does the company have any other hospitality assets in its sights?

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,