Reliance is set to purchase a high-end hotel in New York for over $100 million

Through the purchase of its Cayman Islands-based parent, Reliance Industries Limited (RIL) will pay roughly $100 million for a controlling stake in Mandarin Oriental New York, a five-star hotel in midtown Manhattan.

Reliance stated in a stock exchange statement on Saturday (January 8) that its industrial investments subsidiary will buy Columbus Centre Corp (Cayman) of the Cayman Islands for $98.15 million in equity.

Reliance Industrial Investments and Holdings Ltd’s acquisition of Columbus Centre Corp (Cayman), an indirect owner of a 73.37 percent stake in Mandarin Oriental New York, will enhance the business’s consumer and hospitality activities, according to the company.

The transaction is expected to close by the end of March 2022, according to the company.