Reliance Industries Limited (RIL) on Saturday (January 8) announced the acquisition of luxury hotel Mandarin Oriental situated at the corner of Central Park in New York City. The flagship property of Mandarin Oriental Hotel Group was acquired for an indirect 73.37% stake of approximately $98.15 million.
The 248-room NYC hotel is another iconic property for RIL to add to its kitty. The Mandarin Oriental group owns several luxury mainstays across the world. They operate 35 hotels and seven residences in 24 countries and territories. Their New York property was opened in late 2003 and is located at 80, Columbus Circle. Views of the city’s largest green space, Central Park and the river Hudson greet guests at the hotel. Rooms at the hotel start at $745 per night, while the New York Skyline Suite, a two-bedroom penthouse with encompassing views of the city, goes up to $9,500 per night.
The Oriental Suite is another favourite amongst tourists as it is designed to reflect the historic Oriental heritage of the hotel group. 1798 square feet of space is decorated with a study, media room, dining area and a kitchen, at $14,000 a night.
The five-star resort offers a 14,500 square-foot Mandarin Oriental Spa where personalised treatments like Oriental Essence, Jet Lag Cure and a Diamond Cocoon Experience Facial await beauty buffs. A state-of-the-art fitness centre, a 75-foot pool that overlooks the Hudson River makes this hotel even more special. The gourmet dining experience at the all-day MO Lounge is complete with a menu of contemporary American cuisine and well-crafted cocktails. The Mandarin Hotel in New York is also a Hollywood favourite. Actor Liam Neeson says of his stay there, “Certain hotels get it. A lot of hotels don’t. Mandarin Oriental gets it every time.” Helen Mirren, Dev Patel, Stanley Tucci, Lucy Liu are also fans of this landmark New York hotel.
The Reliance buyout of Mandarin Oriental’s Big Apple property is expected to close by March 2022. The deal comes right on the heels of a $240 million investment led by Reliance Retail Ventures Limited (“Reliance Retail”) for a 25% stake in Dunzo, a leading Indian quick commerce player. According to Morgan Stanley’s aggregation, released a day before the Mandarin Oriental deal, RIL has participated in a string of acquisitions worth $5.6 billion across eight verticals.
The Mandarin Oriental purchase expands the Ambani-owned company’s footprint in the world of luxury hospitality. The group already holds an 18.83% stake in the EIH Ltd (Oberoi Hotels) and bought 30-acre British estate, Stoke Park in early 2021 for £ 57 million. Two James Bond films were shot at this historic country club that has 49 luxury bedrooms and suites, a 27-hole championship golf course, 13 tennis courts, and 14 acres of private gardens. In Mumbai’s corporate district of Bandra Kurla Complex (BKC), Reliance Industries Ltd. is developing a convention centre, mall, hotel and managed residences.