New York, First Published Jan 10, 2022, 1:46 PM IST
Asia’s biggest billionaire Mukesh Ambani has bought the Mandarin Oriental Hotel in New York City.
This magnificent Mandarin Oriental New York Star Hotel is located near Central Park in the New York area of the United States. Built in 2003, the hotel has 248 rooms, various facilities including dance halls, spas and bars. Famous American leaders and Hollywood stars regularly visit this hotel
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Ambani’s Reliance Industries has announced the acquisition of the Cayman Islands-based hotel parent company controlled by the Dubai Investment Corporation. Reliance has acquired a 73.4% stake in the company. The deal is expected to close by the end of March.
Reliance has said it plans to buy the remaining shares based on the same valuation if other shareholders of the hotel want to sell their shares.
Mandarin Oriental Hotel Group still owns 25% of the company. According to Mukesh Ambani’s Reliance, Rs 730 crore has been spent on this.
Like most hotels, the Mandarin Oriental was badly affected by the Govt-19 epidemic. In a filing to the Stock Exchange on Saturday, Reliance reported that the New York hotel had earned just $ 15 million for the whole of 2020, with $ 115 million and $ 113 million for 2018 and 2019, respectively.
The hotel is located near Central Park and overlooks the Columbus Circle. Ambani’s sprawling company invests in energy, retail and technology. But “interested in consumer and hotel business”
Reliance currently owns five-star hotels in India and six countries. It has also acquired the famous English club Stoke Park. Ambani is India’s richest man and the eleventh richest man in the world.
The hotel has won several international awards, including ‘Forbes Five Star Hotel’ and ‘Forbes Five Star Spa’. Similarly, Mukesh Ambani’s Reliance is building a hotel with a state – of – the – art conference hall in the Bandra Complex, Mumbai.
As far as India is concerned, the Tata Group has already been involved in the star hotel business for many years. Similarly, Reliance seems to be interested in the international hotel industry.
Last Updated Jan 10, 2022 1:46 PM IS
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