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Reliance buys iconic luxury hotel in NYC for US$98.15 million

Many celebrities, including Morgan Freeman, Liam Neeson, and Dev Patel, the hotel is a fan favorite.

Mandarin Oriental Hotel New York. Image — mandarinoriental.com

Reliance Industries Limited recently announced the acquisition of the five-star luxury hotel, Mandarin Oriental in New York through its subsidiary Reliance Industrial Investments and Holdings Limited ("RIIHL") for approximately US$ 98.15 million.

According to a stock exchange filing by the company, RIIHL acquired the rights to the hotel by entering into an agreement with Columbus Centre Corporation. As a result, this company owns 73.37% stake in the hotel.

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