Reliance Buys Mandarin Oriental Hotel in New York
Billionaire Mukesh Ambani's Reliance Industries Ltd has announced the acquisition of New York's premium luxury hotel Mandarin Oriental for $ 98.15 million.
Billionaire Mukesh Ambani's Reliance Industries Ltd has announced the acquisition of New York's premium luxury hotel Mandarin Oriental for $ 98.15 million. Set up in 2003, Mandarin Oriental New York is an iconic luxury hotel located right next to the famous Central Park in New York. Central Park is a very famous garden in New York. Mandarin Oriental operates 35 hotels in 24 countries, including six hotels in the United States. Mandarin Oriental New York has won several awards, including AAA Five Diamond Hotel, Forbes Five Star Hotel, and Forbes Five Star Spa, among others. It had revenues of $115 million in 2018, $113 million in 2019 and $15 million in 2020. All the paperwork for this deal will be completed by March 2022. 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 - a famous hotel that has been the setting for two James Bond films.
Reliance already owns The Oberoi Hotels and is developing new hotels in Mumbai.
