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erienewsnow.com 10 Jan, 2022 09:45 am

Asia's richest man is buying the Mandarin Oriental in New York for $98 million - Erie News Now

Asia's richest man is buying the Mandarin Oriental in New York for $98 million - Erie News Now
By Michelle Toh, CNN Business

By Michelle Toh, CNN Business Asia's biggest billionaire, Mukesh Ambani, has snapped up a controlling stake in the Mandarin Oriental in New York City for just over $98 million.And as of last March, the Mandarin Oriental Hotel Group still owned a 25% stake, according to its most recent annual report.2 million price tag represents a significant discount: A 2007 shareholder report from the Mandarin Oriental disclosed the property was valued at as much as $340 million.Like most hotels, Mandarin Oriental was hit badly by the Covid-19 pandemic.

In a stock exchange filing Saturday, Reliance said that the New York hotel took in just $15 million over the entire year of 2020, compared with $115 million and $113 million in 2018 and 2019, respectively.Ambani's conglomerate, Reliance Industries, announced Saturday the acquisition of the hotel's parent company, a Cayman Islands-based firm controlled by the Investment Corporation of Dubai.

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