Asian billionaire buys Mandarin Oriental New York for € 86.5m

Mukesh Ambani, considered the richest man in Asia, has acquired a majority stake in the Mandarin Oriental hotel in New York for 98 million dollars (86.5 million euros). The upscale property, overlooking Central Park and the Manhattan skyline, is an icon of the city.

According to several US media, the conglomerate, Reliance Industries, owned by him, has disclosed the acquisition of the hotel’s parent company, a company controlled by the Investment Corporation of Dubai, which thus indirectly owns a 73.4% stake in the establishment, although Ambani has already communicated its intention to acquire the rest to the other owners.

The Mandarin Oriental New York belongs to the Investment Corporation of Dubai since 2015. According to financial sources, the price paid for the stake of 98.2 million dollars, represents a clear collapse in the value of the asset, which in 2007 was valued at 340 million dollars. Dollars

Ambani’s company has an important participation in sectors such as energy, retail and technology, with participations in several tourist complexes in India and other neighboring countries, in the chain Oberoi Hotels, as well as in other leisure establishments. His personal fortune according to Forbes reaches 92,900 million dollars, which ranks him as the richest man in India and the 11th richest person in the world.

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