Mukesh Ambani-led Reliance buying five-star hotel in New York for close to $100 million

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Billionaire Mukesh Ambani-led Reliance Industries Ltd (RIL) is buying a controlling stake in Mandarin Oriental New York, a five-star hotel in midtown Manhattan, for close to $100 million.</p>
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Reliance said in a stock exchange filing on Saturday its industrial investments subsidiary will acquire Cayman Islands-based Columbus Centre Corp that owns the hotel for an equity value of approximately $98.15 million.</p>
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The company said the acquisition of Columbus Centre Corp (Cayman), an indirect owner of a 73.37% stake in Mandarin Oriental New York, by Reliance Industrial Investments and Holdings Ltd would expand its consumer and hospitality  businesses.</p>
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The transaction is expected to be closed by the end of March 2022, RIL said.</p>
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It added that in the event other owners of the hotel choose to participate in the transaction, its subsidiary would acquire the remaining 26.63% stake, based on the same valuation used for the acquisition of the indirect 73.37% stake.</p>