Mandarin Oriental hotel in Columbus Circle sells for just under $ 100 million

The home of the Oriental Mandarin Hotel in Columbus Circle. (Google)

Indian conglomerate Reliance Industries has bought a large stake in the Mandarin Oriental hotel in Columbus Circle for nearly $ 100 million, according to published reports.

According to The Times of India, the company owned by billionaire Mukesh Ambani will take majority control of the iconic luxury hotel, located at 80 Columbus Circle and overlooking Central Park, with a $ 98.15 million deal.

Yahoo Finance said Reliance made the announcement via a public filing in which it disclosed that its industrial investment subsidiary would acquire Cayman Islands-based Columbus Center Corp, giving it a more than 70% stake in Mandarin Oriental. New York. The deal is expected to be finalized in March this year.

Like most hotels in the city, the 248-room Mandarin Oriental Hotel in Columbus Circle struggled as the pandemic hit New York City, closing early before reopening on April 1, 2021. The property was assessed. to as much as $ 340 million in 2007, according to the New York Post, which speculated in September that a struggling accommodation market in the city could push the price down to around $ 100 million.

Rooms at the hotel were offered on its website for almost $ 700 a night on Saturday afternoon, with one night free for stays longer than three nights.

The hotel occupies approximately 20 floors in the twin-tower Columbus Circle skyscraper. It has a ballroom, spa and several restaurants and bars, including the MO Lounge.

It is currently managed by the Mandarin Oriental Hotel Group under a long-term contract, according to the Post. This group also provides hotel services to over 60 condominium apartments in the North Tower.

Reliance added that if other hotel owners were interested in selling based on the same valuation, it would make the decision to acquire the 100% stake.

[Times of India] – Vince DiMiceli

Joshua B. Speller