{"id":14165,"date":"2022-01-08T23:26:55","date_gmt":"2022-01-08T17:56:55","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-ld-reliance-acquisition\/"},"modified":"2022-01-08T23:26:55","modified_gmt":"2022-01-08T17:56:55","slug":"biz-ld-reliance-acquisition","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-ld-reliance-acquisition\/","title":{"rendered":"Reliance buys New York&#8217;s luxury hotel Mandarin Oriental for USD 98.15 mn"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2654233996\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p> New Delhi, Jan 8 (PTI) Billionaire Mukesh Ambani&#8217;s Reliance Industries Ltd on Saturday announced acquisition of New York&#8217;s premium luxury hotel Mandarin Oriental for USD 98.15 million.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3907828092\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> Set up in 2003, Mandarin Oriental New York is an iconic luxury hotel located at 80 Columbus Circle, directly adjacent to the pristine Central Park and Columbus Circle.<\/p>\n<p> &#8220;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,&#8221; the firm said in a stock exchange filing.<\/p>\n<p> This is the second acquisition of iconic hotel by Reliance in less than a year.<\/p><div class=\"trade-content_5\" id=\"trade-3252990013\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> In April last year, Reliance acquired Stoke Park Ltd in the UK &#8211; an iconic locale that&#8217;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&#8217;s developing.<\/p>\n<p> Over the past five years, Reliance has announced USD 5.6 billion in acquisitions with 45 per cent in TMT, and 23.6 per cent in new energy.<\/p>\n<p> 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.<\/p>\n<p> &#8220;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,&#8221; it said.<\/p>\n<p> The closing of the transaction is anticipated to occur by the end of March 2022 and is subject to certain customary regulatory and other approvals and the satisfaction of certain other conditions.<\/p>\n<p> &#8220;In the event that the other owners of the hotel elect to participate in the sale transaction, RIIHL would acquire the remaining 26.63 per cent, based on the same valuation used for the acquisition of the indirect 73.37 per cent stake,&#8221; it added.<\/p><div class=\"trade-content-10\" id=\"trade-1979388262\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> RIIHL had in April last year announced acquisition of the entire issued share capital of Stoke Park Limited, a company incorporated in the United Kingdom, for 57 million pounds. The facilities include a hotel, conference facilities, sports facilities and one of the highest rated golf courses in Europe.<\/p>\n<p> Reliance currently has investments in EIH Ltd apart from developing convention centre, hotel and managed residences in Mumbai. PTI ANZ  MKJ MKJ MKJ<\/p>\n<div class=\"trade-after-content\" id=\"trade-1492526359\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>New Delhi, Jan 8 (PTI) Billionaire Mukesh Ambani&#8217;s Reliance Industries Ltd on Saturday announced acquisition of New York&#8217;s premium luxury hotel Mandarin Oriental for USD 98.15 million. Set up in 2003, Mandarin Oriental New York is an iconic luxury hotel located at 80 Columbus Circle, directly adjacent to the pristine Central Park and Columbus Circle. [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-14165","post","type-post","status-publish","format-standard","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Reliance buys New York&#039;s luxury hotel Mandarin Oriental for USD 98.15 mn - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-ld-reliance-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reliance buys New York&#039;s luxury hotel Mandarin Oriental for USD 98.15 mn\" \/>\n<meta property=\"og:description\" content=\"New Delhi, Jan 8 (PTI) Billionaire Mukesh Ambani&#8217;s Reliance Industries Ltd on Saturday announced acquisition of New York&#8217;s premium luxury hotel Mandarin Oriental for USD 98.15 million. 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