Luxury hotel Mandarin Oriental in New York has sold its 75% ownership stake to an affiliate of Reliance Industries Ltd, value of the stake was undisclosed, it was reported as $98.15 million in January 2022 by Bloomberg.

The iconic hotel takes floors 35 through 54 of the Deutsche Bank Center at Columbus Circle in Columbus Circle and features 244 rooms, a spa, over 9,000 square feet of meeting space, and a fitness center. 

The JLL Hotels & Hospitality team representing the sellers was led by Gilda Perez-Alvarado, Jeffrey Davis, and Stephany Chen. “We are seeing a rise in luxury hotel transaction volume as investors gravitate towards must-have, irreplaceable trophy assets, with New York leading the way in terms of cross-border investments into the US”, said Perez-Alvarado. “Globally, luxury hotel transaction volume surpassed $10 billion in both 2021 and 2022 for the first time since 2015, underpinned by record-high pricing and attractive yields.”