Mukesh Ambani’s Reliance Industries has agreed to buy an indirect 73.37% stake in Mandarin Oriental New York one of the premium luxury hotels in New York City for $98.15 million, Reliance says in a filing Saturday.

Reliance Industrial Investments and Holdings, a wholly owned unit of Reliance Industries, will buy the entire issued share capital of Columbus Centre Corp., a company incorporated in the Cayman Islands, which indirectly owns the stake in the luxury hotel.

Set up in 2003, Mandarin Oriental New York is an iconic luxury hotel located at 80 Columbus Circle, directly adjacent to the pristine Central Park and Columbus Circle. It has global recognition and has won several influential awards including AAA Five Diamond Hotel, Forbes Five Star Hotel, and Forbes Five Star Spa, among others.

It had revenues of US$ 115 million in 2018, US$ 113 million in 2019 and US$ 15 million in 2020. This acquisition will add to the consumer and hospitality footprint of the group. The group already has investments in EIH Ltd (Oberoi Hotels), Stoke Park Limited in UK and is developing state-of-the-art convention centre, hotel and manged residences in BKC Mumbai.

The closing of the transaction is anticipated to occur by the end of March 2022 and is subject to certain customary regulatory and other approvals and the satisfaction of certain other conditions.

In the event that the other owners of the hotel elect to participate in the sale transaction, RIIHL would acquire the remaining 26.63%, based on the same valuation used for the acquisition of the indirect 73.37% stake.

The company said it will also seek to buy the remaining 26.63% from other owners at the same valuation. The transaction is expected to close by the end of March.