Mandarin Oriental New York, which opened in 2003, is an iconic luxury hotel located at 80 Columbus Circle, directly adjacent to the pristine Central Park and Columbus Circle. Mukesh Ambani's Reliance Industries has agreed to buy an indirect 73.37 percent stake in Mandarin Oriental New York, one of New York City's premium luxury hotels, for $98.15 million, according to a filing on Saturday. Reliance Industrial Investments and Holdings, a wholly owned subsidiary of Reliance Industries, will acquire the entire issued share capital of Columbus Centre Corp., a Cayman Islands-based company that indirectly owns a stake in the luxury hotel. Mandarin Oriental New York, which opened in 2003, is an iconic luxury hotel located at 80 Columbus Circle, directly adjacent to the pristine Central Park and Columbus Circle. It is well-known around the world and has received numerous prestigious awards, including AAA Five Diamond Hotel, Forbes Five Star Hotel, and Forbes Five Star Spa, among others. Its revenues in 2018 were US$ 115 million, US$ 113 million in 2019, and US$ 15 million in 2020. This acquisition will expand the group's consumer and hospitality footprint. The group has already invested in EIH Ltd (Oberoi Hotels), Stoke Park Limited in the United Kingdom, and is building a state-of-the-art convention Centre, hotel, and managed residences in BKC Mumbai. The transaction is expected to close by the end of March 2022, subject to customary regulatory and other approvals, as well as the satisfaction of certain other conditions. If the hotel's other owners choose to participate in the sale transaction, RIIHL would acquire the remaining 26.63 percent at the same valuation used to acquire the indirect 73.37 percent stake. The company also stated that it will seek to acquire the remaining 26.63 percent from other owners at the same price. The deal is expected to be completed by the end of March.