75% Interest in NY Mandarin Oriental Sold

75% Interest in NY Mandarin Oriental Sold

Luxury hotel Mandarin Oriental in New York has sold its 75% ownership stake to an affiliate of Reliance Industries Ltd. The iconic hotel takes floors 35 through 54 of the Deutsche Bank Center at 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. According to Perez-Alvarado “We are witnessing an increase in luxury hotel transaction volume as investors show preference for must-have assets with New York leading cross border investments into the US” She further added that globally luxury hotels have surpassed $10 billion transactions mark for 2021 & 2022 which is first time since 2015 due to record high pricing & attractive yields.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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