Addictive share price: RIL wins after $ 98 million purchase of Mandarin Oriental hotel

NEW DELHI – Shares of has gained nearly one percent in early trading as the multinational conglomerate announced it has acquired New York’s upscale luxury hotel Mandarin Oriental for $ 98.15 million.

Established in 2003, the Mandarin Oriental New York is an iconic luxury hotel located at 80 Columbus Circle, right next to pristine Central Park and Columbus Circle.

RIL’s certificate peaked at Rs 2,457 against the previous close of Rs 2,436 on the National Stock Exchange.

It will also take over its debt of more than $ 115 million, bringing the total value of the transaction to nearly $ 270 million, ET reported, citing sources.

The 248-room, and-suite Columbus Circle property is one of the city’s most upscale luxury accommodations towering over Central Park in downtown Manhattan, frequented by Hollywood celebrities and hedge fund billionaires. , according to reports.

The development comes less than a year after RIL bought Stoke Park, Britain’s first County Club, near London, from the International Group, owned by the King Family, a second-generation British family business, to 57 million pounds (592 crore Rs).

The company headed by Mukesh Ambani has been in negotiations for a few months with the seller Investment Corporation of Dubai (ICD), the sovereign wealth fund of the Emirates, since the investment group decided to withdraw its investments and appointed JLL to manage a sale. at the end of last year.

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