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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
