Why has Reliance picked up a stake now in A hotel in New York?

It seems that Reliance Industries is in the midst of a massive acquisition spree. Just one day after it paid $200 million for Dunzo, Reliance has paid $98 million for a controlling stake in Mandarin Oriental Hotel, New York. The stake was purchased via Columbus Centre Corp, which holds 73.37% in Mandarin Oriental New York. Thus this deal gives Reliance effective control of up to 73.77% stake in the Mandarin Oriental Hotel in New York.

Mandarin Oriental is one of the finest luxury properties in the New York city and this deal adds to the consumer and hospitality offerings of the Reliance group and widens its offer palate. Reliance is also committed to acquiring the remaining 26.63% stake in Mandarin Oriental but subject to the consent of the other owners. In the past, Mandarin Oriental, New York has won several prestigious awards and will boost RIL’s hospitality footprint.