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Mandarin Oriental of New York goes to Reliance at $98 million

Posted : 11 January 2022 08:03:46 | By TWO Bureau | GNN Bureau

Mandarin Oriental of New York goes to Reliance at $98 million

Reliance Industries (RIL) has announced theacquisition of Mandarin Oriental New York for an equity consideration ofapproximately $98.15 millionRIL’s wholly-ownedsubsidiary Reliance Industrial Investments and Holdings (RIIHL) has signed anagreement to acquire 73.37 per cent stake in the New York property, one of theiconic luxury hotels in the heart of the city.

The transaction is anticipated to complete by theend of March 2022 and is subject to certain customary regulatory and otherapprovals and the satisfaction of certain other conditions. The acquisitionwill add to the consumer and hospitality footprint of the Reliance Group whichalready has investments in EIH (Oberoi Hotels), Stoke Park in UK and isdeveloping a state-of-the-art convention centre, hotel and managed residencesin BKC Mumbai.

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Tags : Mandarin, NewYork, Reliance industr, RIL

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