The Mandarin Oriental New York is trading hands for $98.15 million. The Indian conglomerate Reliance Industries Ltd. reported in a stock filing that one of its subsidiaries will acquire the hotel's parent company's stake for that amount, according to Reuters. The Cayman Islands-based parent, Columbus Centre Corp., owns a 73.37% stake in the hotel.
The transaction is expected to close by the end of March. Reliance said it would acquire the remaining stake if the hotel's other owners choose to also sell their shares, using the same valuation.
The Investment Corporation of Dubai, which controls the Cayman-based parent, took over the building in 2015, according to CNN, which also reports that as of last March, the Mandarin Oriental Hotel Group still owned a 25% stake.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
