Reliance to take control of Mandarin Oriental New York in $98 m deal
12 Jan 2022
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Reliance Industries Ltd has acquired controlling stake in Mandarin Oriental New York, a five-star hotel in midtown Manhattan, through the purchase of its Cayman Islands-based parent for $98 million.
Mandarin Oriental, New York is located more than 280 feet above ground level, providing a stunning hotel arrival experience. The 244 spacious, elegant guestrooms and suites all feature with breathtaking views of the city skyline, Central Park or the Hudson River. All rooms offer guests user-friendly, state-of-the-art in-room communications and entertainment systems.
The 14,500-square-foot Five-Star Spa at Mandarin Oriental with a state-of-the-art fitness center and a 75-foot lap pool, is a prominent element of the hotel.
Reliance’s investments arm Industrial Investments and Holdings Ltd will acquire Cayman Islands-based Columbus Centre Corp (Cayman) for an equity value of approximately $98.15 million, according to a stock exchange filing.
The company said the acquisition of Columbus Centre Corp, an indirect owner of a 73.37 per cent stake in Mandarin Oriental New York, would add to its consumer and hospitality activities.
The closing of the transaction is anticipated by the end of March 2022, the company said.
It added that in the event other owners of the hotel elect to participate in the transaction, its subsidiary would acquire the remaining 26.63 per cent stake, based on the same valuation used for the acquisition of the indirect 73.37 per cnt stake.
Mandarin Oriental Hotel Group is an international hotel investment and management group with luxury hotels, resorts and residences in sought-after destinations around the world. Having grown from its Asian roots over 50 years ago into a global brand, the group now operates 35 hotels and seven residences in 24 countries and territories, with each property reflecting the group’s oriental heritage and unique sense of place.
The group has equity interests in a number of its properties and adjusted net assets worth approximately $5.0 billion as of 30 June 2021.
The parent company, Mandarin Oriental International Limited, is incorporated in Bermuda and has a primary listing on the London Stock Exchange, with secondary listings in Bermuda and Singapore. Mandarin Oriental Hotel Group International Limited, which operates from Hong Kong, manages the activities of the Group’s hotels. Mandarin Oriental is a member of the Jardine Matheson Group.
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